In its annual report, Phono Corporation reported beginning total assets of $360,000, ending total assets of $406,000, beginning fixed assets of $300,000 (at cost), ending fixed assets of $311,000 (at cost), ending accumulated depreciation of $106,000, depreciation expense of $16,500, and net revenues of $120,000.

Required:

Calculate Phono's fixed asset turnover ratio for the year and its average useful life and age of fixed assets at year-end. Round the answer for the fixed asset turnover ratio to two decimal places. Round the answer for the average useful life of fixed assets and the average age of fixed assets to one decimal place.

Fixed asset turnover ratio _____

Average useful life of fixed assets ____ years

Average age of fixed assets ____years