The 2021 income statement of Adrian Express reports sales of $21,910,000, cost of goods sold of $12,900,000, and net income of $2,220,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $ 960,000 1,925.000 2,455,000 5,160,000 $10,500,000 $ 990,000 1,295,000 1,825,000 4,470,000 $8,580,000 $ 2,206,000 2,634,000 2.225.000 3,435,000 $10,500,000 $1,916,000 2,656,000 2,095,000 1,913,000 $8,580,000 Industry averages for the following profitability ratios are as follows: Gross profit ratio Return on assets Profit margin Asset turnover Return on equity 14.5 times Required: 1. Calculate the five profitability ratios listed above for Adrian Express. (Round your answers to 1 decimal place.) Profitability Ratios Gross profit ratio Return on assets Profit margin Asset turnover Return on equity 2. Do you think the company is more profitable or less profitable than the industry average? More profitable Less profitable