Asset turnover Financial statement data for the years ending December 31, 20Y3 and 2042, for Lawson Company follow: 20Y3 20Y2 Sales $885,500 $682,000 Total assets: Beginning of year 350,000 270,000 End of year 420,000 350,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the asset turnover for 20Y3 and 2072. Round your answers to one decimal place. 20Y3 20Y2 Asset turnover 385,000 X 310,000 X b. Is the change in the asset turnover from 20Y2 to 20Y3 favorable or unfavorable? Favorable Feedback Check My Work a. Sales divided by Average Total Assets equal Asset Turnover. Average Total Assets = (Beginning Total Assets + Ending Total Assets) - 2. b. This ratio measures how effectively business is using its average amount of assets to generate sales. The higher the ratio, the better. 1 Asset turnover Financial statement data for the years ending December 31, 20Y3 and 20Y2, for Lawson Company follow: 20Y3 $885,500 20Y2 $682,000 4 5 6 7 8 Sales Total assets: Beginning of year End of year 350,000 420,000 270,000 350,000 Using formulas and cell references, perform the required analysis, and input your answers into the 20Y3 and 20Y2 columns. Transfer the numeric results for the green entry cells (B14:C14) into the appropriate fields in 10 CNOWv2 for grading. 11 12 Formulas 13 20Y3 20Y2 20Y3 20Y2 14 Asset turnover 15