Use the accompanying financial statements for Fox Manufacturing Company for the year ended December 31, 2019, along with the industry average ratios below, to do the following:
a. Prepare and interpret a complete ratio analysis of the firm’s 2019 operations.
b. Summarize your findings and make recommendations.

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Fox Manufacturing Company Income Statement for the Year Ended December 31, 2019 $600,000 Sales revenue Less: Cost of goods sold Gross profits Less: Operating expenses General and administrative expenses 460,000 $140,000 $ 30,000 Depreciation expense Total operating expense 30,000 $ 60,000 $ 80,000 Operating profits Less: Interest expense 10,000 $ 70,000 Net profits before taxes Less: Taxes 27,100 Net profits after taxes (Hint: Earnings available for common stockholders as there are no preferred stockholders) $ 42,900 $2.15 Earnings per share (EPS) Ratio Industry average, 2019 Current ratio 2.35 Quick ratio Inventory turnover Average collection periodº 0.87 4.55 35.8 days Total asset turnover 1.09 Debt ratio 0.300 Times interest earned ratio 12.3 Gross profit margin 0.202 Operating profit margin 0.135 Net profit margin Return on total assets (ROA) 0.091 0.099 Return on common equity (ROE) 0.167 Earnings per share (EPS) $3.10 "Based on a 365-day year and on end-of-year figures.