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A firm has been experiencing low profitability in recent years. Perform an analysis of the firm's financial position using the DuPont equation. The firm has no lease payments but has a $3 million sinking fund payment on its debt. The most recent industry average ratios and the firm's financial statements are as follows: 6 x 7x Industry Average Ratios Current ratio 2 x Fixed assets turnover Debt-to-capital ratio 19% Total assets turnover 3 x Times interest earned 8 x Profit margin 4.75% EBITDA coverage 9x Return on total assets 14.25% Inventory turnover Return on common 17.20% equity Days sales 22 days Return on invested 14.40% outstanding capital Calculation is based on a 365-day year. Balance Sheet as of December 31, 2021 (millions of dollars) Cash and equivalents $ 103 Accounts payable $ 54 Accounts receivables 76 Other current liabilities 27 Inventories 194 Notes payable 49 Total current assets $ 373 Total current liabilities $ 130 Long-term debt 38 Total liabilities $ 168 Gross fixed assets 259 Common stock 135 Less depreciation 92 Retained earnings 237 Net fixed assets $ 167 Total stockholders' equity $ 372 Total assets $ 540 Total liabilities and equity $ 540 - = $ 14.75 $ x Income Statement for Year Ended December 31, 2021 (millions of dollars) Net sales $ 895.00 Cost of goods sold 720.00 Gross profit $ 175.00 Selling expenses 94.50 EBITDA $ 80.50 Depreciation expense 16.00 Earnings before interest and taxes (EBIT) $ 64.50 Interest expense 5.50 Earnings before taxes (EBT) 59.00 Taxes (25%) Net income 44.25 a. Calculate the following ratios. Do not round intermediate calculations. Round your answers to two decimal places. Firm Industry Average Current ratio 2x 2.87 Debt to total capital 31.11 19% % Times interest earned 11.73 EBITDA coverage 14.64 Inventory turnover 7x 3.71 Days sales outstanding 30.99 days 22 days Fixed assets turnover 6 x Total assets turnover 1.66 Profit margin 4.94 4.75% % Return on total assets 8.19 % 14.25% Return on common equity 11.90 17.20% Return on invested capital 10.79 % 14.40% b. Construct a DuPont equation, and the industry. Do not round intermediate calculations. Round your answers to two decimal places. Firm Industry Profit margin 4.75% 4.94 Total assets turnover 1.66 8 x x 9x x 5.36 x 3 x 3x x Equity multiplier 1.45 x X