During 2017, Phelps Corporation Reported Net Sales of $2,500,000, Net

Multiple Choice

During 2017, Phelps Corporation reported net sales of $2,500,000, net income of $1,320,000, and depreciation expense of $80,000. Phelps also reported beginning total assets of $1,000,000, ending total assets of $1,500,000, plant assets of $800,000, and accumulated depreciation of $500,000. Phelps's asset turnover is

A) 1.3 times.
B) 1.1 times.
C) 1.7 times.
D) 2.0 times.