The financial statements of Black Barn Company are given below.

Black Barn Company Income Statement $(2009)$

Sales $ $8,000,000$

Cost of goods sold $5,260,000$

Gross profit $2,740,000$

Selling & administrative expenses $1,500,000$

Operating profit $1,240,000$

Interest expense $140,000$

Income before tax $1,100,000$

Tax expense $440,000$

Net income $ $660,000$

Balance Sheet $20092008$

Cash $ $200,000$ $ $50,000$

Accounts receivable $1,200,000950,000$

Inventory $1,840,0001,500,000$

Total current assets $ $3,240,000$ $ $2,500,000$

Fixed assets $3,200,0003,000,000$

Total assets $ $6,440,000$ $ $5,500,000$

Accounts Payable $ $800,000$ $ $720,000$

Bank loan $600,000100,000$

Total current liabilities $ $1,400,000$ $ $820,000$

Bond payable $900,0001,000,000$

Total liabilities $ $2,300,000$ $ $1,820,000$

Common stock $(130,000$ shares$)$ $ $300,000$ $ $300,000$

Retained earnings $3,840,0003,380,000$

Total liabilities & equity $ $6,440,000$ $ $5,500,000$

Note: The common shares are trading in the stock market for $$40$ each.

Refer to the financial statements of Black Barn Company. The firm's fixed asset turnover ratio for $2009$ is:

Multiple Choice

$1\mathrm{.}58.$

$2\mathrm{.}58.$

None of the options are correct.

$2\mathrm{.}04.$

$2\mathrm{.}97.$