Gabriels packagin company currently has sales of $5,000,000 per year. Cost of good solds amounts to 80% of net sales. The firm, wich is in the 30% tax bracket has $ 500,000 in net fixed assets and $100,00 in accumulative depreciation. The firm asset turnover ratio is?
1. 8 times per year
2. 10 times per year
3. 12.5 times per year
4. Can't be determined