The following is an income statement and balance sheet for the ACME Power Tool Company. 

INCOME STATEMENT January 1, 2020 through December 31, 2020 Sales (20,000 units@$50/unit) $1,000,000 raw materials ($30/unit) $600,000 labor ($3/unit) $60,000 scrap ($0.25 per unit) $5,000 COGS ($33.25/unit) $665,000 Gross Profit ($16.75 per unit) $335,000 warehousing $70,000 transportation $24,000 other expenses $6,000 Total Expenses $100,000 earnings before interest and taxes $235,000 interest and taxes $50,000 Net Profit (Net Income) $185,000 BALANCE SHEET Year Ending December 31, 2020 Assets Liabilities Cash $20,000 Current Liabilities $200,000 Accounts Receivable $30,000 Long Term Debt $100,000 Inventory $100,000 Total Liabilities (Debt) $300,000 Current Assets $150,000 Long Term Assets $250,000 Shareholder Equity $100,000 Total Assets $400,000 Total Liabilities and Equity $400,000 

a. What is the current ratio? 

b. What does the current ratio indicate for ACME? 

c. What is the Gross Margin % (same as Gross Profit Margin %). 

d. Describe one improvement that would increase the Gross Margin? 

e. What is the ROA (return on assets)? 

f. If inventory was relatively flat during the year, what is the Inventory Turnover?