The Gottfried Company reported gross sales of $900,000, sales returns and allowances of $10,000, and sales discounts of $15,000. The company has $150,000 in intangible assets, and $500,000 in average total assets. What is the company's asset turnover ratio? (Hint: Asset turnover = Net Sales/average assets) O 1.72 times O 1.75 times O 3.46 times O 3.6 times

The Gottfried Company reported gross sales of $900,000, sales returns and allowances of $10,000. and sales discounts of $15,000. The company has $150,000 in intangible assets, and $500,000 in average total assets. What is the company's asset turnover ratio? (Hint: Asset turnover = Net Sales/average assets) 1.72 times 1.75 times 3.46 times 3.6 times