Using the income statement for Times Mirror and Glass Company, compute the following ratios: TIMES MIRROR AND GLASS COMPANY Sales Cost of goods sold Gross profit Selling and administrative expense Lease expense Operating profit* Interest expense Earnings before taxes Taxes (30%) Earnings after taxes *Equals income before interest and taxes. a. Compute the interest coverage ratio. Note: Round your answer to 2 decimal places. $ 255,000 167,000 $ 88,000 40,600 15,800 $ 31,600 7,700 $ 23,900 9,560 $ 14,340