Use the Following Selected 2019 Balance Sheet and Income Statement

Multiple Choice

Use the following selected 2019 balance sheet and income statement information for Homer Glen Supply Co. (in millions) to compute asset turnover (AT) to the nearest hundredth of a percent. $$\begin{array} { |c | c | c | c | c| } \hline \text { Net income } & \begin{array} { c } \text { Gross profit } \\\text { on sales }\end{array} & \begin{array} { c } \text { Average } \\\text { total assets }\end{array} & \text { Sales } & \begin{array} { c } \text { Tax rate on } \\\text { operating profit }\end{array} \\\hline \mathbf { \$ 6 9 , 9 6 0 } & \mathbf { \$ 7 0 0 , 4 0 0 } & \mathbf { \$ 3 6 0 , 6 0 0 } & \mathbf { \$ 1 , 3 5 6 , 5 0 4 } & \mathbf { 3 5 \% } \\\hline\end{array}$$

A) 0.27
B) 3.76
C) 17.30
D) 5.17