Verizon: Fixed asset turnover ratio Verizon Communications Inc. is a major telecommunications company in the United States. Two recent balance sheets for Verizon disclosed the following information regarding fixed assets: Beginning of End of Year Year (in millions) (in millions) Property, plant, and equipment $220,865 $209,575 Accumulated depreciation (131,909) (120,933) Property, plant, and equipment (net) $88,956 $88,642 Verizon's revenue for the year was $120,550 million, Assume the fixed asset turnover ratio for the telecommunications industry averages approximately 1.1. a. Determine Verizon's fixed asset turnover ratio. (Round to one decimal place.) Verizon b. Verizon is using its fixed assets more efficiently in generating revenues than the industry as a whole