(B) Analytical Procedures Raymond Hardware Company is a large hardware retailer with shops throughout Australia. You have been appointed to audit this company and as part of planning stage of audit, you have performed analytical procedures with the following results Actual results 1.80 4.35 8.50 0.60 Budgeted PreviousIndustry results 1.70 5.00 7.20 0.59 Average 1.66 4.66 5.00 0.58 vear 1.51 4.70 6.80 0.62 Current Ratio Inventory Turnover ratiO Number of times interest earned ratio Debt to equity ratio Required: Provide a brief explanation for each of the above ratios and outline their implications for the audit for Raymond Hardware's financial position (8 marks) Note: Use the following format to present your answer in the answer booklet The purpose of each Audit implications drawn from each ratio ratio 2 4 (4 marks; 4 x 1 mark) (4 marks; 4 x 1 marks)