Income Statement. Year of 2013 Net sales (all credit) $3,256,600.00 Less: Cost of goods $2.572,714.00 sold Selling and administrative $323,000.00 expenses Depreciation $115,000.00 expense EBIT $245,886.00 Interest expense $29,600.00 Earnings before $216,286.00 taxes Income taxes $86,514.40 Net income $129,771.60 Based on the information in the table, calculate the firm's fixed asset turnover ratio. Round the answers to two decimal places Balance Sheet December 31, 2013 Accounts payable $211,000 $312,600 Cash and marketable $112,000 securities Accounts $325,000 receivable Inventories $426,000 Prepaid expenses $10,700 Total current $873,700 assets Gross fixed assets $1,514,000 Less: accumulated $25000 $315,000 depreciation Net fixed assets $1,199,000 Notes payable $51,500 Accrued expenses $50,100 Total current liabilities Long-term debt $225,000 Par value and $117,000 paid-in-capital Retained Earnings $1,418,100 Common Equity 1,535, 100 Total liabilities and owner's $2,072,700 equity Total assets $2,072,700