Kalebs Karate Supply had a profit margin of 9 percent, sales of $24.2 million, and total assets of $8.7 million.

a.	What was the total asset turnover? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
b.	If management set a goal of increasing total asset turnover to 3 times, what would the new sales figure need to be, assuming no increase in total assets? (Do not round intermediate calculations and enter your answer in dollars, not millions, rounded to the nearest whole dollar, e.g., 1,234,567.)

Answer:

a) Total Asset Turnover = ___________ times

b) Sales = ________________