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: End of Year (in millions) Beginning of Year (in millions) Property, plant, and equipment Accumulated depreciation Property, plant, and equipment (net) Verizon's revenue or the year was $120,550 million. Assume the fixed asset turnover ratio or nete communications industry averages approx mately .. $220,865 $209,575 (131,909) (120,933) $88,642 $88,956 a. Determine Verizon's fixed asset turnover ratio. (Round to one decimal place.) Verizon b. Verizon is using its fixed assets efficiently in generating revenues than the industry as a whole