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Bed Bath & Beyond is a leading retailer of domestic merchandise and home furnishings. The company's 2011 fixed-asset turnover ratio, using the average book value of property, plant, and equipment (PP&E) as the denominator, was approximately 7.8355. Additional information taken from the company's 2011 annual report is as follows: ($ in thousands) Book value of PP&E-beginning of 2011                                        $1,119,292 Purchases of PP&E during 2011                                                   $183,474 Depreciation of PP&E for 2011                                                      $183,820 Equipment having a book value of $2,649 thousand was sold during 2011. How is the fixed-asset turnover ratio computed? Discuss how you would interpret Bed Bath & Beyond's ratio of 7.8355? Use the data to determine Bed Bath & Beyond's net sales for 2011.