9. Ambrose Department Stores' chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the average for the industry. The CEO has and balance sheet, as well as the industry average data for retailers. given you the company's income statement Ambrose Department Stores, Inc ncome Statement Compared with Industry Average For the Year Ended December 31 6 Sales revenues Less Cost of goods sold Gross profit 9 Less: Operating expenses 10 Operating income 11 Less: Interest expense 12 Income before income taxes 13 Less Income tax expense 14 Net income Prepare a common-size income statement for Ambrose Department Stores. The first column of the statement should present Ambrose Department Stores common-size statement, while the second column should present the industry averages 1. For the profitability analysis, compute Ambrose Department Stores' (a) ratio of gross profit to sales, (b) ratio of operating income to sales, and (c) ratio of net income to sales. 2. Compare these figures with the industry averages. Is Ambrose Department Stores' profit performance better or worse than the average for the industry? Where does Ambrose Department Stores' fall short, where does it exceed the industry average? 3