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03-06-2023
Business

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Lok Company reports net sales of $4,275,000 for Year 2 and $8,195,000 for Year 3. End-of-year balances for total assets are Year 1,
$1,624,000; Year 2, $1,787,000; and Year 3, $1,930,000.
(1) Compute Lok's total asset turnover for Year 2 and Year 3 (2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis
of total asset turnover?

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