Net sales, net income, and total assets for Gene Blue Clothing Emporium for a four-year period follow:

(in thousands)	2010	2009	2008	2007
Net sales	$381	$357	$321	$331
Net Income	31	23	16	24
Ending total assets	193	177	165	148

Requirements

1. Compute trend percentages for each item for 2007 through 2010. Use 2007 as the base year.

2. Compute the tate of return on net sales for 2008 through 2010, rounding to three decimal places. In this industry rates of 6% are average, rates above 8% are considered good, and rates above 10% are viewed as outstanding.

3. How does Gene Blue's return on net sales compare with the industry?