Click to watch the Tell Me More Learning Objective 5 video and then answer the questions below. 1. The asset turnover ratio is measured by which of the following formulas? Sales divided by average total assets Sales divided by total assets Sales divided by average current assets Sales divided by current assets 2. The following information was taken from the financial statements of Lea Corporation for December 31, Year 2 and Year 1: Year 2 Year 1 Total sales $5,000,000 $3,500,000 Total assets: Beginning of year 450,000 565,000 End of year 600,000 450,000 Determine the asset turnover ratio for Year 2 and Year 1. Year 2, 9.52; Year 1, 6.90 Year 2, 8.33; Year 1, 7.77 Year 2, 11.11; Year 1, 6.19 Year 2, 10.67; Year 1, 8.32