Calculate the asset turnover ratio. (Enter your response as a decimal rounded to 2 places.) Asset turnover ratio 2020 2019 dollar sales per $1 of assets LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 Gross sales 2020 $19,000 2019 $15,000 Sales returns and allowances 1,000 100 Net sales $18,000 $14,900 Cost of merchandise (goods) sold 12,000 9,000 Depreciation Research Gross profit Operating expenses: Selling and administrative Miscellaneous Total operating expenses Income before interest and taxes $ 6,000 $ 5,900 $ 700 $ 600 2,200 2,000 550 500 360 300 $ 3,810 $ 3,400 $ 2,190 Interest expense Income before taxes Provision for taxes 560 $ 2,500 500 $ 1,630 640 $ 2,000 800 Net income $ 990 $ 1,200 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Current liabilities: Accounts payable Liabilities Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable 2020 2019 $ 12,000 $9,000 16,500 12,500 8,500 14,000 24,000 10,000 $ 61,000 $45,500 $ 14,500 $11,000 13,500 $28,000 9,000 $20,000 $ 89,000 $ 65,500 $13,000 $ 7,000 7,000 5,000 $ 20,000 $ 12,000 22,000 20,500 Total liabilities $ 42,000 $ 32,500 Stockholders' Equity Common stock Retained earnings Total stockholders' equity $ 21,000 $ 21,000 26,000 $ 47,000 $ 33,000 12,000 Total liabilities and stockholders' equity $ 89,000 $ 65,500