1. Calculate and interpret the financial ratios below from the following financial statements for two grocery stores: Progressive Food Store High-Low Food Store $ $ $ $ Sales 1,110,000 1,500,000 Less cost of goods sold: Opening inventory 200,000 160,000 Add Purchases 640,000 400,000 600,000 800,000 Less Closing Inventory [120,000) (140,000 (660,000 (480,000) 630,000 Gross Profit 840,000 Less: Depreciation 10,000 30,000 Wages & Salaries 330,000 440,000 70,000 Other Expenses 90.000 (430,000) (540,000) Net Profit 200.000 300.000 Progressive Food Store Statement of Financial Position High-Low Food Store Non-Current Assets $ $ $ Equipment at cost 100,000 200,000 Less Depreciation to date (80,000) 20,000 (60,000) 140,000 Current Assets