Asset turnover ratio Financial statement data for years ended December 31, 20Y3 and 20Y2, for Edison Company follow: Sales 20Y3 $1,828,500 20Y2 $1,540,000 Total assets: Beginning of 750,000 650,000 year End of year 840,000 750,000 a. Determine the asset turnover ratio for 20Y3 and 20Y2. Round answers to one decimal place. Asset turnover 20Y3 3.1 X 20Y2 2.9 X b. Is the change in the asset turnover ratio from 2012 to 20Y3 favorable or unfavorable? Favorable Feedback Check My Work a. Average assets= (Beginning Total Assets + Ending Total Assets) 2; Divide Sales by Average Total Assets to obtain the ratio. b. This ratio measures how effectively a business is using its average amount of assets to generate sales. The higher the ratio, the