A total asset turnover ratio of 3.5 indicates that: For every $1 in sales, the firm acquired $3.50 in assets during the For every $1 in assets, the firm earned $3.50 in net income. For every $1 in assets, the firm C. produced $3.50 in net sales during the period. d. For every $1 in assets, the firm earned gross profit of $3.50 during the period.