Refer to the financial statement data provided below for Safety-First, Inc.

SAFETY-FIRST, INC.

Income Statements (in $ Thousands)
	2018	2019
Net sales	3,750	4,500
Cost of goods sold	2,250	2,700
Gross profit	1,500	1,800
Operating expenses	670	860
Interest	30	40
Income before taxes	800	900
Income taxes	250	300
Net income	550	600
Balance Sheets (in $ Thousands)
	2018	2019
Cash	400	150
Accounts receivable	500	800
Inventories	1,450	2,000
Total current assets	2,350	2,950
Gross fixed assets	2,000	2,800
Less accumulated depreciation	-950	-1,250
Net fixed assets	1,050	1,550
Total assets	3,400	4,500
	2018	2019
Accounts payable	300	400
Bank loan	150	250
Accrued liabilities	100	150
Total current liabilities	550	800
Long-term debt	150	150
Common stock	850	1,100
Retained earnings	1,850	2,450
Total liabilities and equity	3,400	4,500

A. Calculate the net profit margin, the sales-to-total-assets ratio, and the equity multiplier for both 2018 and 2019 using year-end (rather than average) balance sheet data.

B. Use the results from Part A to calculate the ventures return on equity in each year.

C. Describe what happened in terms of the financial performance of the Safety-First, Inc. between 2018 and 2019.