Below are selected ratios for Manufacturers Corporation. Use this information answer the following questions

Sr. No	Particulars	Year 1	Year 2	Year 3
1	Net operating asset turnover	1.4	1.31	1.25
2	Inventory turnover	5.6	5	4.6
3	Accounts receivable turnover	12.1	11.9	12.1
4	Fixed assets turnover	1.3	1.29	1.29
5	Net operating profit margin	4.50%	4.60%	4.80%
6	Net operating assets/equity	2.1	1.98	1.77
7	EBIT revenues	8.90%	8.60%	8.60%
8	Gross margin	20.10%	19.90%	19.80%
9	Income tax rate	35%	35%	35%

a. Calculate the return on net operating assets for all three years. Identify reasons for any changes.

b. Calculate the return on equity for all three years. Comment on changes.

Please only attempt if you can solve the question with a proper explanation. Please do not copy from Chegg.