LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $21,200 $16,650 Sales returns and allowances 800 100 Net sales $ 20,400 $16,550 Cost of merchandise (goods) sold 11,450 8,400 Gross profit $ 8,950 $ 8,150 Operating expenses: Depreciation $ 920 $ 710 Selling and administrative 3,850 3,100 Research 770 610 Miscellaneous 580 410 Total operating expenses $ 6, 120 $ 4,830 Income before interest and taxes $ 2,830 $ 3,320 Interest expense 780 610 Income before taxes $ 2,050 $ 2,710 Provision for taxes 820 1,084 Net income $ 1,230 $ 1,626 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 $13,100 $ 10,100 17,600 13,600 9,600 15, 100 25,100 11,100 $ 65,400 $ 49,900 $15,600 $ 12,100 14,600 10,100 $30,200 $ 22,200 $ 95,600 $ 72,100 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 14,100 $ 8,100 8,100 6, 100 $ 22,200 $ 14, 200 23,100 21,600 $45,300 $35,800 $22,100 $ 22, 200 28, 200 14,100 $50,300 $ 36,300 $ 95,600 $ 72,100 Calculate the asset turnover ratio. (Enter your response as a decimal rounded to 2 places.) 2020 2019 Asset turnover ratio dollar sales per $1 of assets