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Determine the asset turnover ratio

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Reference no: EM132751118

Problem - Financial statement data for the years ended December 31, 20Y7 and 20Y6, for Latchkey Company follow:

20Y7

20Y6

Sales

$1,734,000

$1,645,000

Total assets:

Beginning of year

480,000

460,000

End of year

540,000

480,000

Required -

1. Determine the asset turnover ratio for 20Y7 and 20Y6. Round to one decimal place.

2. Is the change in the asset turnover from 20Y6 to 20Y7 favorable or unfavorable?

Reference no: EM132751118

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