Assume a company provided the following excerpts from its balance sheet and income statement as shown below. Current assets Total assets Current liabilities Total liabilities Total stockholders' equity Ending Beginning Balance Balance $ 120,000 $ 140,000 $ 480,000 $ 380,000 $ 80,000 $ 70,000 $ 174,600 $ 174,000 $ 305,400 $ 206,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes Net income $ 1,000,000 600,000 400,000 250,000 150,000 8,000 142,000 42,600 $ 99,400 The total asset turnover is closest to