Lok Co. reports net sales of $5,434,000 for Year 2 and $8,054,000 for Year 3. End-of-year balances
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Question:
Lok Co. reports net sales of $5,434,000 for Year 2 and $8,054,000 for Year 3. End-of-year balances for total assets are Year 1, $1,554,000; Year 2, $1,847,000; and Year 3, $1,948,000.
(1)Compute Lok's total asset turnover for Year 2 and Year 3.
(2)Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis of total asset turnover?
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