Cross-sectional ratio analysis Use the financial statements Fox Manufacturing Company Income Statement for the Year Ended December 31, 2021 Sales revenue $603,000 Less: Cost of goods sold 463,000 Gross profits $140,000 Less: Operating expenses General and administrative expenses $29,600 Depreciation expense 29,600 Total operating expense 59,200 Operating profits $80,800 Less: Interest expense 10,200 Net profits before taxes $70,600 Less: Taxes 14,000 Net profits after taxes (earnings available for common stockholders) $56,600 Earnings per share (EPS) $2.71 for Fox Manufacturing Company for the year ended December 31, 2021, along with the industry average ratios Ratio Industry average, 2021 Current ratio 2.35 Quick ratio 0.89 Inventory turnover* 4.57 times Average collection period* 35.6 days Total asset turnover 1.06 Debt ratio 0.24 Times interest earned 12.2 Gross profit margin 0.199 Operating profit margin 0.139 Net profit margin 0.119 Return on total assets (ROA) 0.124 Return on common equity (ROE) 0.237 Earnings per share (EPS) $3.72 *Based on a 365-day year and on end-of-year figures. to: a. interpret a complete ratio analysis of the firm's 2021 operations. Enter all ratios in decimal format. b. Summarize your findings and make recommendations.