1. Using the DuPont formula, analyze the performance of Fultex over time (2018-2021) and versus industry average (2021 versus industry). Be sure to address the performance in terms of profitability, asset management, and debt management. Is your impression of the firm favorable or not? Why?

Fultex Corporation Income Statements (in thousands)
	2018	2019	2020	2021
Net Sales	$3,978	$3,902	$3,946	$5,399
Cost of Goods Sold	2,884	2,872	2,959	4,173
Gross profit	1,094	1,030	987	1,226
SG&A	815	762	837	904
Depreciation	53	61	55	80
EBIT	226	207	95	242
Interest	66	44	20	80
Earnings before taxes	160	163	75	162
Taxes (40%)	64	65	30	65
Earnings after taxes	$96	$98	$45	$97
Fultex Corporation Balance Sheets (in thousands)
Assets
Cash	$85	$120	$21	$43
Accounts receivable	707	785	580	1,124
Inventory	476	446	428	773
Current assets	$1,268	$1,351	$1,029	$1,940
Gross fixed assets	669	698	757	914
Accumulated depreciation	(251)	(312)	(367)	(447)
Net property plant & equipment	418	386	390	467
Total assets	$1,686	$1,737	$1,419	$2,407