The contribution format income statement for a company for last year is given below. Sales Variable expenses Contribution margin Fixed expenses $978,000 $550,000 $428,000 $305,000 The company had average operating assets of $480,000 during the year. The company's manager invests in a $70,000 piece of equipment that increases sales by $22,000 while increasing operating expenses by $10,000. Compute the new turnover (i.e., asset turnover) if the manager makes an investment (Round your answer to two decimal place). 1