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Marin Inc. manufactures a variety of consumer products. The company's founders have run the company for 30 years and are now interested in retiring. Consequently, they are seeking a purchaser who will continue its operations, and a group of investors, Morgan Inc., is looking into the acquisition of Marin. To evaluate its financial stability and operating efficiency, Marin was requested to provide the latest financial statements and selected financial ratios. Summary information provided by Marin is as follows. Marin Inc. Income Statement For the Year Ended November 30, 2021 (in thousands) Sales (net) $ 30,430 Interest income 410 Total revenue 30,840 Costs and expenses Cost of goods sold 17,510 Selling and administrative expenses 3,510 Depreciation and amortization expense 1,810 Interest expense 830 Total costs and expenses 23,660 Income before taxes 7,180 Income taxes 2,872 Net income $ 4,308 Marin Inc. Balance Sheet As of November 30 (in thousands) 2021 2020 Cash $ 350 400 230 480 130 Short-term investments (at cost) Accounts receivable (net) Inventory Total current assets Property, plant, & equipment (net) 3,200 6,000 9,780 7,100 $ 16,880 5,300 6,310 6,980 $ 13,290 Total assets $ 3,700 $ 3,320 900 720 1,380 1,700 6,300 2,000 Accounts payable Income taxes payable Accrued expenses Total current liabilities Long-term debt Total liabilities Common stock ($1 par value) Paid-in capital in excess of par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 8,300 2,670 910 5,000 8,580 $ 16,880 5,420 1,700 7,120 2,670 910 2,590 6,170 $ 13,290 Selected Financial Ratios Marin Inc. 2020 2019 Current Industry Average 1.63 1.16 1.17 0.19 0.59 0.73 8.55 8.5 8.45 Current ratio Acid-test ratio Times interest earned Profit margin on sales Asset turnover Inventory turnover 13.2 % 12.1 % 13 % 1.84 1.83 1.84 3.17 3.21 3.18 (a) Calculate a new set of ratios for the fiscal year 2021 for Marin based on the financial statements presented. (Round answers to 2 decimal places, e.g. 52.75 or 52.75%.) Current ratio :1 Acid-test ratio :1 Times interest earned Profit margin on sales % Asset turnover times Inventory turnover times