QUESTION 7 (9 MARKS) Computation of profitability ratios Shown below are selected data from a recent annual report of Tall Oaks Co. (Dollar amounts are in thousands.) Beginning End of of the Year the Year Total assets $7,400 $8,100 Total stockholders' equity $3.900 $4,600 Net sales $14.000 Gross profit $5.000 Operating income $1.400 Net income $1.000 7. Compute for the year the company's: (Show all calculations) 7.1 Gross Profit Rate % 7.2 Return on average total assets % 7.3 Return on average total stockholders' equity %