A total asset turnover ratio of 2.2 indicates that: Multiple Choice For every $1 in assets, the firm earned $2.2 in net income. For every $1 in assets, the firm paid $2.2 in expenses during the period. O For every $1 in assets, the firm produced $2.2 in net sales during the period Multiple Choice For every $1 in assets, the firm earned $2.2 in net income. For every $1 in assets, the firm paid $2.2 in expenses during the period. ao o o o For every $1 in assets, the firm produced $2.2 in net sales during the period. For every $1 in sales, the firm acquired $2.2 in assets during the period. For every $1 in assets, the firm earned gross profit of $2.2 during the period