Ratios Compared with Industry Averages You are analyzing the performance of Lumite Corporation, a manufacturer of personal care products, for the most recent year. The following data are taken from the firm's latest annual report: Quick assets Inventory and prepaid expenses Other assets Total Assets Dec. 31, 2016 Dec. 31, 2015 385,000$350,000 950,000820,000 4,165,0003,700,000 $5,500,000 $4,870,000 Current liabilities $600,000$500,000 1,300,0001,300,000 900,000900,000 1,900,0001,800,000 370,000 $5,500,000 $4,870,000 1096 Bonds payable 7% Preferred stock Common stock, $5 par value 800,000 Retained earnings Total Liabilities and Stockholders' EquityS In 2016, net sales amount to $8,800,000, net income is $680,000, and preferred stock dividends paid are $65,000 Required Calculate the following ratios for 2016. Round answers to two decimal places. 1. Return on sales