Asset turnover A company reports the following: Sales Average total assets (excluding long-term investments) $1,320,000 825,000 Determine the asset turnover ratio. If required, round your answer to one decimal place. Earnings per Share and Price-Earnings Ratio A company reports the following: Net income $856,000 Preferred dividends $48,000 Shares of common stock 80,000 outstanding Market price per share of $31.31 common stock 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.