2 The following information of La Vie Limited and its competitor Mikie Limited is given below: Income Statements for the year ended 31 December 2023 La Vie Limited $000 Mikie Limited $000 Sales 100,000 80,000 Cost of goods sold (55,000) (40,000) Gross profit 45,000 40,000 Less: Operating expenses (18,000) (12,000) Net Profit 27,000 28,000 Extract of the assets of both the companies are provided as at 31 December 2023 Closing Inventory Trade receivables Cash La Vie Limited Mikie Limited $000 $000 19,000 6,000 8,920 4,300 3,280 1,015 Required: a. Calculate the following ratios for both the companies: i. Gross Profit Margin. ii. Net Profit Margin. iii. Inventory Turnover Period. iv. Trade Receivables Collection Period. [4 marks] [4 marks] [4 marks] [4 marks] b. From the results of the ratios calculated in part (a) comment on the overall efficiency of the La Vie Limited and its competitor Mikie Limited. [4 marks]