LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $22,800 $17,85a Sales returns and allowances sea 10e Net sales $21.900 $17750 Cost of merchandise (goods) sold 11,050 7.700 Gross profit $10,850 $10,658 Operating expenses Depreciation $ 1.080 $ Selling and administrative 5,050 3,900 Research 938 698 Miscellaneous 740 490 Total operating expenses $ 7, Bee $ 5,870 Incone before interest and taxes $ 3,ese $ 4,180 Interest expense 940 690 Incone before taxes $ 2,110 $ 3,490 Provision for taxes 844 1,396 Net income $ 1.266 $ 2,094 790 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 $11,800 $ 8,600 16,180 12,1ee 8,100 13,600 23,600 9,600 559,600 543,900 $14,000 $10,660 13.100 8,6ee $27. 100 $19, 2ee $86,700 $63, 100 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Liabilities Current liabilities Accounts payable Salaries payable Total current liabilities Long-term liabilities Mortgage note payable Total liabilities Stockholders' Equity Comon stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $12,600 $ 6.600 6.700 4.600 $19,300 $11,200 21,600 20,100 $40,900 531,300 $20,600 $20,700 25,200 11,100 545,680 531.800 $86,700 563, 100 Calculate the asset turnover ratio (Enter your response as a decimal rounded to 2 places.) 2020 2019 Asset tuover ratio dollar sales per S1 of assets