DISCUSSION CASE As Beacon Company controller, you are responsible for informing the board of directors about its financial activities. At the board meeting, you present the following information. 2021 2020 2019 Sales trend percent. 147.0% 135.0% 100.0% Selling expenses to sales.. 10.1% 14.0% 15.6% Sales to plant assets ratio 3.8 to 1 3.6 to 1 3.3 to 1 Current ratio.. 2.9 to 1 2.7 to 1 2.4 to 1 Acid-test ratio.. 1.1 to 1 1.4 to 1 1.5 to 1 Inventory turnover 7.8 times 9.0 times 10.2 times Accounts receivable turnover 7.0 times 7.7 times 8.5 times Total asset turnover 2.9 times 2.9 times 3.3 times Return on total assets.. 10.4% 11.0% 13.2% Return on equity... 10.7% 11.5% 14.1% Profit margin ratio.. 3.6% 3.8% 4.0% After the meeting, the company's CEO holds a press conference with analysts in which she mentions the following ratios. 2021 2020 2019 Sales trend percent...... 147.0% 135.0% 100.0% Selling expenses to sales.. 10.1% 14.0% 15.6% Sales to plant assets ratio 3.8 to 1 3.6 to 1 3.3 to 1 Current ratio..... 2.9 to 1 2.7 to 1 2.4 to 1