The company has net sales revenue of $7.4 million during 2018. The company's records also included the following information: Assets 12/31/17 12/31/18 Property, plant and equipment $ 4.2 million $ 6.3 million Licensing agreements $ 2.4 million $ 2.3 million Goodwill $ 2.2 million $ 2.2 million Investments $ 2.3 million $ 2.4 million What is the company's fixed asset turnover ratio for 2018

1.42

Explanation:

The fixed asset turnover is a financial ratio that shows how much sales is generated by management for each $1 invested in fixed asset over the period. It is the ratio of sales to average fixed asset.

Average fixed asset is the sum of the beginning and ending fixed asset divided by 2.

Average fixed assets

= ($4.2 + $6.3)/2   (Amount in millions)

= $5.25 million

The company's fixed asset turnover ratio for 2018

= $7.4/$5.2

= 1.42

It means that the company makes a sales revenue of $1.42 for every $1 invested in fixed assets.

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