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The financial statements of Flathead Lake Manufacturing Company are shown below. Income Statement 2017 Sales $ 9,300,000 Cost of Goods Sold 5,750,000 Depreciation Expense 550,000

The financial statements of Flathead Lake Manufacturing Company are shown below.

Income Statement 2017
Sales $ 9,300,000
Cost of Goods Sold 5,750,000
Depreciation Expense 550,000
Gross Profit $ 3,000,000
Selling and Administrative Expenses 2,200,000
EBIT $ 800,000
Interest Expense 200,000
Income before Tax $ 600,000
Taxes 375,000
Net Income $ 225,000

Flathead Lake Manufacturing Comparative Balance Sheets
2017 2016
Cash $ 50,000 $ 40,000
Accounts Receivable 570,000 600,000
Inventory 530,000 460,000
Total Current Assets $ 1,150,000 $ 1,100,000
Fixed Assets 2,050,000 1,400,000
Total Assets $ 3,200,000 $ 2,500,000
Accounts Payable $ 320,000 $ 300,000
Bank Loans 480,000 400,000
Total Current Liabilities $ 800,000 $ 700,000
Long-term Bonds 1,500,000 1,000,000
Total Liabilities $ 2,300,000 $ 1,700,000
Common Stock (200,000 shares) 200,000 200,000
Retainded Earnings 700,000 600,000
Total Equity $ 900,000 $ 800,000
Total Liabilities and Equity $ 3,200,000 $ 2,500,000

Note: The common shares are trading in the stock market for $15 per share. Refer to the financial statements of Flathead Lake Manufacturing Company. The firm's total asset turnover for 2017 is _________. (Please keep in mind that when a ratio involves both income statement and balance sheet numbers, the balance sheet numbers for the beginning and end of the year must be averaged.)

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