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The Reed Division reports the following operating data for the past two years: Year 1 Year 2 Margin 16% ? Turnover 2.5 2 Average operating

The Reed Division reports the following operating data for the past two years: Year 1 Year 2 Margin 16% ? Turnover 2.5 2 Average operating assets ? $180,000 Net operating income $40,800 ? Stockholders' equity $81,600 $155,000 Sales ? ? The return on investment at Reed was exactly the same in Year 1 and Year 2 Average operating assets in Year 1 were:

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