Asset turnover A company reports the following: Sales $5,580,000 Average total assets 3,100,000 Determine the asset turnover ratio. Round your answer to one decimal place. Earnings per Share and Price-Earnings Ratio A company reports the following: Net income $776,000 Preferred dividends $44,000 Shares of common stock outstanding 60,000 Market price per share of common stock $107.36 a. Determine the company's earnings per share on common stock. Round your answer to the nearest cent. Use the rounded answer of requirement a for subsequent requirement, if required. b. Determine the company's price-earnings ratio. Round to one decimal place