Calculating Average Operating Assets, Margin, Turnover, and Return on Investment East Mullett Manufacturing earned operating income last year as shown in the following income statement: Sales Cost of goods sold Gross margin $3,650,000 2,150,000 $1,500,000 Selling and administrative expense 1,200,000 Operating income $300,000 Less: Income taxes (40%) Net income 120,000 $180,000 At the beginning of the year, the value of operating assets was $1,600,000. At the end of the year, the value of operating assets was $1,400,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Required: