QUESTION 23

1. The Dry Wall Division reports the following operating data for the past two years:

   		Year 1				Year 2
   Margin		15	%			?
   Asset Turnover		2.0				1.5
   Average operating assets		?			$	166,000
   Net operating income	$	61,500				?
   Stockholders equity	$	96,000			$	141,000
   Sales		?				?

   The return on investment at the Dry Wall Division was exactly the same in Year 1 and Year 2. Average operating assets in Year 1 were:

   	A.	$166,000.
   	B.	$205,000
   	C.	$219,000.
   	D.	$141,000.