The income statement and balance sheet for the FIN340 Compan…

The incоme stаtement аnd bаlance sheet fоr the FIN340 Cоmpany is provided below.  Calculate the company's latest Operating Profit (EBIT) ratio. FIN340 Company Income Statement       ($ Million) 2022   2021 Sales $36,000,000   $32,000,000 Cost of Goods Sold $32,000,000   $28,000,000 Operating Expenses $3,100,000   $3,000,000 Depreciation Expense $250,000   $250,000 EBIT (Operating Profit) $650,000   $750,000 Interest Expense $125,000   $125,000 Tax Expense $110,250   $131,250 Net Income $414,750   $493,750         FIN340 Company Balance Sheet       ($ Million) 2022   2021 Cash $2,034,750   $1,200,000 Accounts Receivable $2,200,000   $2,000,000 Inventory $4,200,000   $4,000,000 Current Assets $8,434,750   $7,200,000 Property, Plant, & Equipment (Net) $8,200,000   $8,000,000 Total Assets $16,634,750   $15,200,000         Accrued Wages $120,000   $100,000 Accounts Payable $3,000,000   $2,500,000 Accrued Tax Expense $200,000   $200,000 Short-term Debt $25,000   $25,000 Current Liabilities $3,345,000   $2,825,000 Long-Term Debt $2,475,000   $2,475,000 Equity $10,814,750   $9,900,000 Total Liabilities & Equity $16,634,750   $15,200,000