Question 26 The following information was obtained from the accounting records of Asian Limited at the end of the year: Sales (all on credit) Cost of goods sold Average inventory Average accounts receivable Interest expense Income tax expense Profit after tax Average investment in assets Average shareholders' equity $4,800,000 3,000,000 420,000 380,000 50,000 80,000 280,000 2,600,000 1,000,000 Required: From the information given above, compute the following: (a) Inventory turnover. (b) Total operating expenses (Note: show detailed workings, no formula is required) (c) Gross profit percentage (d) Return on average assets