eBook Show Me How Calculator Print Item 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 183,600 Operating income $67,650 Less: Income taxes (@40%) 27,060 Net Income $40,590 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) 3. Turnover (round to two decimal places) 4. Return on investment (round to one decimal place) % %