If a firms net income profit before taxes is 360000 and it h

If a firm’s net income (profit before taxes) is $360,000 and it has total assets of $1.2 million, what is its return on assets?

please provide the formula for calculating return-on-assets, at least one step of calculation, and the answer.

If a firm’s cost of goods sold is $2.5 million and its average inventory is $800,000, what is the inventory turnover?

Please provide the formula for calculating return-on-assets, at least one step of calculation, and the answer.

return on assets = net income/total assets

net income = $360,000 total assets = $1,200,000

Return on assets = 360,000/1,200,000 = 30%

2. inventory turnover ratio = cost of goods sold/inventory

cost of goods sold = $2,500,000 inventory = $800,000

turnover ratio = 2,500,000/800,000 = 3.13