ABC Depot: Asset turnover ratio The ABC Depot reported the following data (in millions) in its recent financial statements: Total sales Total assets: Year 2 $107,400 Year 1 $114,190 Beginning of year End of year 51,800 55,600 55,600 64,600 a. Determine the asset turnover ratio for ABC Depot for Year 2 and Year 1. Round to one decimal place. Year 2 Asset turnover ratio Year 1 b. What does an asset turnover ratio indicate? 1. Effectiveness in the use of assets to generate revenue. 2. Effective use of revenue to create assets. 3. Effective use of assets to reduce cost. 4. Effective use of assets to increase assets