Income Statement	2020
Sales	5,500,000
Cost of goods sold	2,850,000
Depreciation	280,000
Selling & admin expenses	1,500,000
EBIT	870,000
Interest Expense	130,000
Taxable income	740,000
Taxes	330,000
Net income	410,000
Balance Sheet, year-end	2020		2019
Assets
Cash	50,000		40,000
Accounts receivable	660,000		690,000
Inventory	490,000		480,000
Total current assets	1,200,000		1,210,000
Fixed Assets	3,100,000		2,800,000
Total assets	4,300,000		4,010,000
Liabilities and shareholders' equity
Accounts payable	340,000		450,000
Short-term debt	480,000		550,000
Total current liabilities	820,000		1,000,000
Long-term bonds	2,520,000		2,200,000
Total liabilities	3,340,000		3,200,000
Common Stock	310,000		310,000
Retained earnings	650,000		500,000
Total shareholders' equity	960,000		810,000
Total liabilities and
shareholders' equity	4,300,000		4,010,000

2) Please use the Financial Statement from the prior page

to solve for the following:

- Inventory Turnover Ratio

- Debt to Equity Ratio

- Operating Profit Margin