(Answered) Gabriels packagin company currently has sales of 5000000

Finance

Gabriels packagin company currently has sales of $5,000,000 per year. Cost of good solds amounts to 80% of net sales. The firm, wich is in the 30% tax bracket has $ 500,000 in net fixed assets and $100,00 in accumulative depreciation. The firm asset turnover ratio is?

1. 8 times per year

2. 10 times per year

3. 12.5 times per year

4. Can't be determined

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