Handy Corner Stores reported the following asset values in 2002 and 2003:

2003

2002

Cash

$30,000

$20,000

Accounts receivable

400,000

300,000

Inventory

600,000

350,000

Land

200,000

150,000

Buildings

600,000

500,000

Equipment.

300,000

200,000

In addition, Handy Corner had sales of $2,000,000 in 2003. Cost of goods sold for the year was $1,500,000. Compute Handy Corner s fixed asset turnover ratio for 2003.