Item4\ Time Remaining 55 minutes 42 seconds00:55:42\ eBookCheck my workCheck My Work button is now enabledItem 4\ Time Remaining 55 minutes 42 seconds00:55:42\ The Simmons Corporations income statement is given below.\ \ \ \ SIMMONS CORPORATION\ Sales $260,000 \ Cost of goods sold 198,000 \ \ Gross profit 62,000 \ Fixed charges (other than interest) 27,000 \ \ Income before interest and taxes 35,000 \ Interest 12,400 \ \ Income before taxes 22,600 \ Taxes 7,910 \ \ Income after taxes $14,690 \ \ \ \ a. What is the times interest earned ratio? (Round the final answer to 2 decimal places.) \ \ \ \ Times interest earned \ 2.82\ x\ \ \ \ b. What would be the fixed charge coverage ratio? (Round the final answer to 2 decimal places.)\ \ \ \ Fixed charge coverage