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Year 1 Year 2 Margin 16% ? Turnover 2.0 3.0 Average operating assets ? $191,000 Net operating income $47,200 ? Stockholders equity $80,000 $125,000 Sales

Year 1 Year 2
Margin 16% ?
Turnover 2.0 3.0
Average operating assets ? $191,000
Net operating income $47,200 ?
Stockholders equity $80,000 $125,000
Sales ? ?

The return on investment at Reed was exactly the same in Year 1 and Year 2.
Sales in Year 2 amounted to

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