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 $531,250 Cost of goods sold 280,000 Gross margin $251,250 Selling and administrative expense 192,000 Operating income $59,250 Less: Income taxes (@ 40%) 23,700 Net income $35,550 At the beginning of the year, the value of operating assets was $390,000. At the end of the year, the value of operating assets was $460,000. Required: For East Mullett Manufacturing, calculate the following: 1. Average operating assets 2. Margin (round to two decimal places) % 5 3. Turnover (round to two decimal places) 4. Return on investment (round to one decimal place) %