Latif Corp. is a manufacturing company that produces electronic devices. They purchase raw materials from suppliers and convert them into finished products. The company operates in multiple countries and has subsidiaries in different regions. ABC Corp. has just completed its fiscal year and is preparing its financial statements for external reporting.

Calculate the Return on Assets (ROA) for ABC Corp. for the fiscal year ended December 31, 2023. The company reported net income of $1,000,000, and the average total assets for the year were $10,000,000. Use the formula: ROA = Net Income / Average Total Assets * 100%.