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:

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.)
B. Interpret this ratio with respect to the industry average.

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End of Year (in millions) Beginning of Year (in millions) Property, plant, and equipment Accumulated depreciation Property, plant, and equipment (net) $220,865 $ 209,575 131,909) 120,933) 88,956 88,642