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Runyon Incorporated reported the following results from last year’s operations: Sales $ 16,800,000 Variable expenses 12,230,000 Contribution margin 4,570,000 Fixed expenses 3,394,000 Net operating income $ 1,176,000 The company’s average operating assets were $7,000,000. Last year's turnover was closest to:

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ayokenny2001

Answer:

2.4

Explanation:

Turnover is a concept in accounting that calculates how quickly a business conduct its operation.

The equation below will be used to calculate the turnover.

Turnover = Sales / Average operating assets

= $16,800,000 / $7,000,000

= 2.4

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