The comparative financial statements prepared at December 31, 2017, for Pinnacle Plus showed the following summarized data:

	2017			2016
Income Statement
Sales Revenue*	$	124,000		$	113,000
Cost of Goods Sold		57,600			53,600
Gross Profit		66,400			59,400
Operating Expenses		40,200			37,200
Interest Expense		3,600			3,600
Income before Income Tax Expense		22,600			18,600
Income Tax Expense (30%)		6,780			5,580
Net Income	$	15,820		$	13,020
Balance Sheet
Cash	$	47,461		$	13,740
Accounts Receivable, Net		33,000			39,000
Inventory		32,000			34,000
Property and equipment, Net		87,000			97,000
Total Assets	$	199,461		$	183,740
Accounts Payable	$	35,781		$	30,180
Income Tax Payable		960			460
Note Payable, Long-Term		36,000			36,000
Total Liabilities		72,741			66,640
Contributed Capital (9,000 shares)		90,000			90,000
Retained Earnings		36,720			27,100
Total Liabilities and Shareholders' Equity	$	199,461		$	183,740

^*One-half of all sales are on credit. During 2017, cash dividends amounting to $6,200 were declared and paid.

1. Net property and equipment totalled $102,000 at the end of 2015. Compute the fixed asset turnover ratios for 2017 and 2016.

2. After Pinnacle Plus released its 2017 financial statements, the company's shares were trading at $27.80. After the release of its 2016 financial statements, the company's share price was $22.70 per share. Compute the P/E ratios for both years.