A total asset turnover ratio of 4.9 indicates that: Multiple Choice For every $1 in assets, the firm earned $4.9 in net income. For every $1 in assets, the firm produced $4.9 in net sales during the period. For every $1 in assets, the firm paid $4.9 in expenses during the period. For every $1 in assets, the firm earned gross profit of $4.9 during the period. For every $1 in net sales, the firm acquired $4.9 in assets during the period