Revise your calculations based the new information provided below and then answer the questions that follow Cash Accounts receivable Inventory Long term assets Total assets Current 5 82,000 52,00 112,000 270,400 5516,400 Previous $ 72,000 57.000 92,000 167.000 $388,000 Current liabilities Long-term liabilities Total liabilities Stockholders' equity Total liabilities and stockholders equity current $ 92,000 144,000 236.000 280 400 $516,400 Previous $ 82,000 134,000 216.000 172,000 $ 380,000 Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Net Income current $450,000 240,000 12,000 13.200 26,400 5108) 400 Stock price Average shares outstanding $ 72.00 13,200 Required: 1. Use your spreadsheet to recalculate the ratios and enter your results here: (Round your answers to 2 decimal places.) % 96 96 Ratio: Gross profit ratio Return on assets Profit margin Asset turnover Return on equity Earnings per share Price-samnings ratio: times 3. Asset turnover measures sales volume in relation to the investment in assets and is a good Indication of how well a company is utilizing its 3 The gross prolit ratio measure how much of each sales dollar a company ears as profit after paying for its cost of sales, and will tend to as competition and other market forces impact a company's performance