The following information relates to the financial statements of XYZ Company:

• Total revenue for the year ended December 31, 2022: $10,000,000
• Cost of goods sold for the year ended December 31, 2022: $4,500,000
• Total assets as of December 31, 2022: $20,000,000
• Total liabilities as of December 31, 2022: $7,500,000
• Net income for the year ended December 31, 2022: $1,500,000
• Accounts receivable as of December 31, 2022: $1,000,000
• Accounts payable as of December 31, 2022: $750,000
• Inventory as of December 31, 2022: $2,000,000

Using the above information, answer the following questions:

a) Calculate the gross profit margin for the year ended December 31, 2022. (4 marks)

b) Calculate the return on assets (ROA) for the year ended December 31, 2022. (6 marks)

c) Calculate the accounts receivable turnover ratio for the year ended December 31, 2022. (5 marks)

d) Calculate the inventory turnover ratio for the year ended December 31, 2022. (5 marks)