LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $20,400 $16,050 Sales returns and allowances 900 100 Net sales $19,500 $ 15,950 Cost of merchandise (goods) sold 11,650 8,650 Gross profit $ 7,850 $ 7,300 Operating expenses : Depreciation $ 840 $ 670 Selling and administrative 3,250 2,700 Research 690 570 Miscellaneous 500 370 Tota operating expenses $ 5,280 $ 4,310 Income before interest and taxes $ 2,570 $ 2,990 Interest expense 700 570 Income before taxes $ 1,870 $ 2,420 Provision for taxes 748 968 Net income $ 1,122 $ 1,452 LumaLaLive DaLQUE JUICEL December 31, 2019 and 2020 2020 2019 $ 12,700 $ 9,700 17,200 13, 200 9,200 14,700 24,700 10,700 $ 63,800 $ 48,300 $ 15,200 $ 11,900 14,200 9,700 $ 29, 400 $ 21,600 $ 93,200 $ 69,900 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 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 13,700 $ 7,700 7,700 5,700 $ 21,400 $ 13,400 22,700 21,200 $ 44,100 $ 34,600 $ 21,700 $ 21,700 27,400 13,600 $ 49,100 $ 35, 300 $ 93,200 $ 69,900 Calculate the asset turnover ratio. (Enter your response as a decimal rounded to 2 places.) 2020 2019 Asset turnover ratio dollar sales per $1 of assets