Based on the information, calculate the firm's fixed asset turnover ratio.

Balance Sheet December 31, 2010

Cash and marketable securities$102,000

Accounts payable $287,000

Accounts receivable$299,000

Notes payable$61,200

Inventories$628,000

Accrued expenses$51,900

Prepaid expenses$10,300

Total current liabilities$400,100

Total current assets$1,039,300

Long-term debt$415,000

Gross fixed assets$1,502,000

Par value and paid-in-capital$376,000

Less: accumulated depreciation$312,000

Retained Earnings$1,038,200

Net fixed assets $1,190,000

Common Equity1,414,200

Total assets$2,229,300

Total liabilities and owner's equity$2,229,300

Income statement, Year of 2010

Net sales (all credit)$6,387,700.00

Less: Cost of goods sold$4,726,898.00

Selling and administrative expenses$345,000.00

Depreciation expense$148,000.00

EBIT$1,167,802.00

Interest expense$50,600.00

Earnings before taxes$1,117,202.00

Income taxes$446,880.80

Net income $670,321.20

Round the answers to two decimal places