Business Question

Bethlehem Corporation had $918,000 in sales which resulted in operating income of $73,440. On January 1, Bethlehem reported $856,500 in assets. Because of a downturn in the economy, Bethlehem sold several assets during the year. Its December 31 balance sheet reported only $607,600 in assets.

Calculate Bethlehem’s asset turnover and return on investment. (Round answer to 5 decimal places, e.g. 1.64168.)