Exercise 8-22 Evaluating efficient use of assets LO A1 Lok Co. reports net sales of $4,389,000 for Year 2 and $8,491,000 for Year 3. End-of-year balances for total assets are Year 1, $1,686,000; Year 2, $1,802,000, and Year 3, $1,934,000. (1) Compute Lok's total asset turnover for Year 2 and Year 3. Total Asset Turnover Choose Numerator: Choose Denominator: Total Asset Turnover = Total asset turnover 1 Year 2 Year 3 1 = (2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis of total asset turnover? O Worse O Better