return on operating assets using end of year operating assets 642294

D. H. Muller Company presented the following income statement in its 2009 annual report:

	For the Years Ended
(Dollars in thousands except per share amounts)	2009	2008	2007
Net sales	$297,580	$256,360	$242,150
Cost of sales	206,000	176,300	165,970
Gross profit	91,580	80,060	76,180
Selling, administrative, and other expenses	65,200	57,200	56,000
Operating earnings	26,380	22,860	20,180
Interest expense	5,990	5,100	4,000
Other deductions, net	320	1,100	800
Earnings before income taxes, noncontrolling interests, and extraordinary items	20,070	16,660	15,380
Income taxes	8,028	6,830	6,229
Net earnings of subsidiaries applicable to noncontrolling interests	700	670	668
Earnings before extraordinary items	11,342	9,160	8,483
Extraordinary items:
Gain on sale of investment, net of federal and state income taxes of $520		1,050
Loss due to damages to South American facilities, net of noncontrolling interest of $430		1,600
Net earnings	$11,342	$8,610	$8,483
Earnings per common share:
Earnings before extraordinary items	$2.20	$1.82	$1.65
Extraordinary items	—	0.06	—
Net earnings	$2.20	$1.76	$1.65

The asset side of the balance sheet is summarized as follows:

(Dollars in thousands)	2009	2008	2007
Current assets	$89,800	$84,500	$83,100
Property, plant, and equipment	45,850	40,300	39,800
Other assets (including investments, deposits, deferred charges, and intangibles)	10,110	12,200	13,100
Total assets	$145,760	$137,000	$136,000

Required

a. Based on these data, compute the following for 2009, 2008, and 2007:

1. Net profit margin

2. Return on assets (using total assets)

3. Total asset turnover (using total assets)

4. DuPont analysis

5. Operating income margin

6. Return on operating assets (using end of year operating assets)

7. Operating asset turnover (using end of year operating assets)

8. DuPont analysis with operating ratios

9. Gross profit margin

b. Discuss your findings.