On January 1, 2023 Hilldale, Inc. had total assets of $362,000. During the year, the company purchased new machinery worth $88,000 and promised to pay the amount due after two years. Throughout the year, it earned revenue of $60,000 every month. Calculate the asset turnover ratio. (Round your answer to two decimal places.) A. 1.80 times B. 1.77 times C. 1.01 times D. 1.60 times