(Click on the icon located on the top-right corner of the data tables below in order to copy its contents into a spreadsheet.)

Fox Manufacturing Company Income Statement
for the Year Ended December 31, 2015
Sales revenue	$ 598 comma 000$598,000
Less: Cost of goods sold	455 comma 000455,000
Gross profits	$ 143 comma 000$143,000
Less: Operating expenses
General and administrative expenses	$ 29 comma 800$29,800
Depreciation expense	29 comma 50029,500
Total operating expense	59 comma 30059,300
Operating profits	$ 83 comma 700$83,700
Less: Interest expense	10 comma 10010,100
Net profits before taxes	$ 73 comma 600$73,600
Less: Taxes	26 comma 50026,500
Net profits after taxes (earnings available for common stockholders)	Modifying $ 47 comma 100 with double underline $47,100
Earnings per share (EPS)	$ 2.29$2.29

Fox Manufacturing Company Balance Sheet
December 31, 2015
Assets
Cash	$ 14 comma 700$14,700
Marketable securities	7 comma 3007,300
Accounts receivable	34 comma 50034,500
Inventories	81 comma 90081,900
Total current assets	$ 138 comma 400$138,400
Net fixed assets	270 comma 000270,000
Total assets	Modifying $ 408 comma 400 with double underline $408,400
Liabilities and Stockholders' Equity
Accounts payable	$ 56 comma 800$56,800
Notes payable	13 comma 30013,300
Accruals	4 comma 5004,500
Total current liabilities	$ 74 comma 600$74,600
Long-term debt	$ 151 comma 700$151,700
Common stock equity (20,000 shares outstanding)	$ 109 comma 500$109,500
Retained earnings	72 comma 60072,600
Total stockholders' equity	$ 182 comma 100$182,100
Total liabilities and stockholders' equity	Modifying $ 408 comma 400 with double underline $408,400

(Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.)

Ratio	Industry average, 2015
Current ratio	2.432.43
Quick ratio	0.930.93
Inventory turnover*	4.444.44 times
Average collection period*	36.236.2 days
Total asset turnover	0.980.98
Debt ratio	0.290.29
Times interest earned	12.612.6
Gross profit margin	0.2040.204
Operating profit margin	0.1450.145
Net profit margin	0.1010.101
Return on total assets (ROA)	0.1040.104
Return on common equity (ROE)	0.1840.184
Earnings per share (EPS)	$ 3.28$3.28
*Based on a 365-day year and on end-of-year figures.

Cross-sectional ratio analysisUse the financial statements

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for Fox Manufacturing Company for the year ended December 31, 2015, along with the industry average ratios

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, to:

a. Prepare and interpret a complete ratio analysis of the firm's 2015 operations.

b. Summarize your findings and make recommendations.

a. The current ratio is

nothing.

(Round to two decimal places.)