The 2021 income statement of Adrian Express reports sales of $23,310,000, cost of goods sold of $13,250,000, and net income of $2,500,000. Balance sheet information is provided in the following table.

The 2021 income statement of Adrian Express reports sales of $23,310,000, cost of goods sold of $13,250,000, and net income of $2,500,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 1,100,000 $1,060,000 Accounts receivable 2,100,000 1,400,000 Inventory 2,700,000 2,000,000 Long-term assets 5,300,000 4,540,000 Total assets $11,200,000 $9,000,000 Liabilities and Stockholders' Equity Current liabilities $ 2,360,000 $2,000,000 Long-term liabilities 2,760,000 2,740,000 Common stock 2,400,000 2,200,000 Retained earnings 3,680,000 2,060,000 Total liabilities and stockholders' equity $11,200,000 $9,000,000 Industry averages for the following profitability ratios are as follows: Gross profit ratio 45% Return on assets 25% Profit margin 15% Asset turnover 20.5times Return on equity 35% Dnnu nil-Ar]. 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 times Return on equity % 2. Do you think the company is more profitable or less profitable than the industry average? O More profitable O Less profitable