The following income statement and balance sheets for The Athletic Attic are provided THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2021. Net sales $8,880,000 Cost of goods sold 5,440,000 Gross profit 3,440,000 Expenses: Operating expenses Depreciation expense $1,590,000 208,000 Interest 48,000 expense Income tax 358,000 expense Total expenses Net income THE ATHLETIC ATTIC 2,204,000 $1,236,000 Assets Balance Sheets December 31 2021 2020 Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment $ 162,000 $ 212,000 780,000 800,000 1,395,000 1,065,000 Interest payable Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Income tax payable $ 3,169,000 188,000 1,140,000 (416,000) 83,000 1,140,000 (208,000) $ 3,092,000 $ 113,000 89,000 e 4,800 39,000 30,000 Long-term Liabilities: Notes payable 580,000 580,000 Stockholders' equity: Common stock Retained earnings 680,000 1,757,000 630,000 1,707,400 Total liabilities and stockholders' equity $ 3,169,000 $ 3,092,000 Earnings per share for the year ended December 31, 2021, are $1.34. The closing stock price on December 31, 2021, is $22.22 Required: Calculate the following profitability ratios for 2021 (Round your answers to 1 decimal place.) Profitability Ration 1. Gross profit ratio 38.7 % 2 Return on assets % 3 Profit margin 1% 4. Asset fumover 5 Retum on equity 6 Price-earnings rato times S times