Following are the consolidated financial statements for Eastnorth Manufacturing’s industry. Use DuPont analysis on the industry financial statements to determine why industry return on equity (ROE) changed from year to year.

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Balance Sheets for INDUSTRY: December 31 2015 2017 2016 ASSETS Cash and marketable securities $30,000 $25,000 $20,000 Accounts receivable 110,000 90,000 60,000 100,000 80,000 Inventories 80,000 240,000 195,000 160,000 Total current assets 250,000 220,000 200,000 Gross plant and equipment Less: accumulated depreciation -100,000 -65,000 -50,000 Net plant and equipment 150,000 155,000 150,000 50,000 Land 50,000 50,000 200,000 205,000 200,000 Total fixed assets Total assets $440,000 $400,000 $360,000 LIABILITIES AND EQUITY Accounts payable $58,000 $50,000 $45,000 Notes payable 50,000 50,000 50,000 Accrued liabilities Total current liabilities 108,000 100,000 95,000 Long-term debt 32,000 20,000 15,000 Total liabilities $140,000 $120,000 $110,000 Total stockholders' equity 300,000 280,000 250,000 Total liabilities and equity $440,000 $400,000 $360,000 Income Statements for INDUSTRY: Years Ended December 31 2017 2016 2015 Net revenues or sales $1,100,000 $1,000,000 $900,000 Cost of goods sold 700,000 650,000 600,000 Gross profit $400,000 $350,000 $300,000 Operating expenses: General and administrative 143,000 135,000 130,000 Selling and marketing 88,000 80,000 70,000 Depreciation 44,000 40,000 36,000 Operating income 125,000 95,000 64,000 Interest 15,000 15,000 14,000 Income before taxes 110,000 80,000 50,000 Income taxes (40%) 44,000 32,000 20,000 Net income $66,000 $48,000 $30,000