The sales of an Australian company in 2019 total $400,000 and you have the following balance sheet for this company below:

Balance Sheet as at December 31, 2019

Cash $14,500

Account receivable $35,700

Inventory $90,000

Total current assets $140,200

Net non-current assets $98,300

Total Assets $238,500

Current liabilities $122,500

Long-term debt $35,800

Total liabilities $158,300

Total equity $80,200

Total Liabilities and Equity $238,500

Calculate the following financial ratios and evaluate the company's financial performance for each ratio compared to the industry benchmarks.

Financial ratios Industry benchmarks

Current ratio = current assets/current liabilities 1.50

Quick ratio = (current assets - inventory)/current liabilities 0.75

Inventory turnover = sales/inventory 3.00

Debt ratio = total liabilities/total assets 50%

Total asset turnover = sales/total assets 1.50