Inventory turnover ratio: 5 X Fixed assets turnover: 3.0 X Current ratio: 2.0 X Gross profit margin on sales: (Sales - Cost of goods sold)/ Sales = 25% Cash Current Liabilities Accounts Receivables Long Term Liabilities 60000 Inventories Common Stock Fixed Assets Retained Earnings 97500 Total Assets 300000 Total Liabilities and Equity Sales Cost of goods sold b) Interpret the current ratio, total assets turnover ratio, inventory turnover ratio and profit margin on sales. (2 Marks)