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Exercise 8-24 (Algo) Evaluating efficient use of assets LO A1 Lok Company reports net sales of $5,111,000 for Year 2 and $8,721,000 for Year 3

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Exercise 8-24 (Algo) Evaluating efficient use of assets LO A1 Lok Company reports net sales of $5,111,000 for Year 2 and $8,721,000 for Year 3 . End-of-year balances for total assets are Year 1 . $1,533,000; Year 2, \$1,821,000: and Year 3, \$1,996,000. (1) Compute Lok's total asset turnover for Year 2 and Year 3. (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? Complete this question by entering your answers in the tabs below. Compute Lok's total asset tumover for Year 2 and Year 3. Exercise 8-24 (Algo) Evaluating efficient use of assets LO A1 Lok Company reports net sales of $5,111,000 for Year 2 and $8,721,000 for Year 3 . End-of-year balances for total assets are Year 1 , $1,533,000; Year 2, \$1,821,000; and Year 3, \$1,996,000. (1) Compute Lok's total asset turnover for Year 2 and Year 3 (2) Lok's competitor has a Total Asset Tumover of 3.0 during Year 3.1 . Lok performing better or worse than its competitor on the basis of total asset tumover? Complete this question by entering your answers in the tabs below. 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? Is Lok performing better or worse than its compettor on the basis of total asset turnover

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