The 2021 income statement of Adrian Express reports sales of $21,310,000, cost of goods sold of $12,750,000, and net income of $2,100,000. Balance sheet information is provided in the following table.

ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020
	2021				2020
Assets
Current assets:
Cash	$	900,000			$	960,000
Accounts receivable		1,850,000				1,250,000
Inventory		2,350,000				1,750,000
Long-term assets		5,100,000				4,440,000
Total assets	$	10,200,000			$	8,400,000
Liabilities and Stockholders' Equity
Current liabilities	$	2,140,000			$	1,880,000
Long-term liabilities		2,580,000				2,620,000
Common stock		2,150,000				2,050,000
Retained earnings		3,330,000				1,850,000
Total liabilities and stockholders' equity	$	10,200,000			$	8,400,000

Industry averages for the following profitability ratios are as follows:

1,850,000 1,250,000 2,350,000 1,750,000 5,100,000 4,440,000 $10,200,000 $8,400,000 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 $ 2,140,000 $1,880,000 2,580,000 2,620,000 2,150,000 2,050,000 3,330,000 1,850,000 $10,200,000 $8,400,000 Industry averages for the following profitability ratios are as follows: 45% 25% Gross profit ratio Return on assets Profit margin Asset turnover Return on equity 15% 11.5 times 35% Required: 1. Calculate the five profitability ratios listed above for Adrian Express. (Round your answers to 1 decimal place.) Profitability Ratios Gross profit ratio 40.2 % Return on assets % Profit margin 9.9 % 2.3 times Asset turnover Return on equity %