The D.A. Winston Corporation earned an operating profit margin of 10 percent based on sales of $10 million and total assets of $5 million last year. a. What was Winston's total asset turnover ratio? b. During the coming year the company president has set a goal of attaining a total asset turnover of 3.5. How much must firm sales rise, other things being the same for the goal to be achieved? (State your answer in both dollars and percentage increase in sales.) c. What was Winston's operating return on assets last year? Assuming the firm's operating profit margin remains the same, what will the operating return on assets be next year if the total asset turnover goal is achieved? Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data section DATA Operating profit margin 10% Sales $10,000,000 Total assets $5,000,000 Total asset turnover (target value) 3.5 SOLUTION a. What was Winston's total asset turnover ratio? Total asset turnover b. During the coming year the company president has set a goal of attaining a total asset turnover of 3.5. How much must firm sales rise, other things being the same, for the goal to be achieved? (State your answer in both dollars and percentage increase in sales.) Sales rise, dollars Percentage increase in sales c. What was Winston's operating return on assets last year? Assuming the firm's operating profit margin remains the same, what will the operating return on assets be next year if the total asset turnover goal is achieved? Operating return on assets last year Operating return on assets next year Requirements: 1. Start Excel. Download and open the workbook named: Keown_Martin_Petty_Problem_4-7_Start. Important note: All calculations must be shown using cell references. Do NOT enter numerical values in the cells. 2. In cell B14, calculate the total asset turnover in the last year. (1 point) 3. In cell B17, calculate the sales rise in dollars. (1 point) 4. In cell B18. calculate the percentage increase in sales. (1 point) 5. In cell B21, calculate the operating return on assets in the last year. (1 point) 6. In cell B22, calculate the operating return on assets in the next year. (1 point) 7. Save the workbook. Close the workbook and then exit Excel. Submit the workbook as directed