Assume the following for a company whose sales are all on account: .The total asset turnover is 1.8. The average total assets is $600,000. The inventory balance, beginning of the year is $60,000. The inventory balance, end of the year is $40,000. . The inventory turnover is 8.50. The gross margin percentage is closest to: Multiple Choice O 45.4%. 39.4%. 60.6%. 54.6%.