Lok Company reports net sales of $5,682,000 for Year 2 and $7,822,000 for Year 3. End-of-year balances for total assets are Year 1, $1,541,000; Year 2, $1,821,000; and Year 3, $1,960,000.

(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?

Exercise 8-24 (Algo) Evaluating efficient use of assets LO A1 Lok Company reports net sales of $5,682,000 for Year 2 and $7,822,000 for Year 3. End-of-year balances for total assets are Year 1, $1,541,000; Year 2,$1,821,000; and Year 3,$1,960,000. (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? Complete this question by entering your answers in the tabs below. Compute Lok's total asset turnover for Year 2 and Year 3