The entity provides the following information in year 2020: Net sales Cost of goods sold Current assets Current liabilities Average total assets Total liabilities Net income Instructions: Type the numerical answer 1, 2, 3. or 4 in the box after the question. A. The asset turnover ratio is 2 1) 0.50 2) 0.85 3) 1.18 4) 0.15 ... 850,000 500,000 500,000 250,000 1,000,000 550,000 150,000 B. Compute the gross profit margin. If the industry average is 40%, interpret the entity's profit margin compared to industry average. Blank 2 1) 43%; better 2) 18%; worse 3) 59%; better 4)41%; better C. Compute the profit margin. If the industry average is 25%, interpret the entity's profit margin compared to industry average. Blank 3 1) 43%; better 2) 18%; worse 3) 59%; better 4)41%; better