Lok Company reports net sales of $5,321,000 for Year 2 and $8,696,000 for Year 3....
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Lok Company reports net sales of $5,321,000 for Year 2 and $8,696,000 for Year 3. End-of-year balances for total assets are Year 1, $1,573,000; Year 2, $1,816,000; and Year 3, $1,967,000. (1) Compute Lok's total asset turnover for Year 2 and Year 3. (2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis of total asset turnover?
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