Below are amounts found in the income statements of three companies. Company Henry Grace James Net Sales $44,000 47,000 52,000 Cost of Goods Operating Sold Expenses $13,200 $5,600 31,960 16,700 31,200 3,600 Nonoperating Expenses $2,600 7,600 0 Income Tax Expense $2,600 0 3,600 Required: 1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income. 2-a. For each company, calculate the gross profit ratio. 2-b. Which company has the most favorable ratio? Req 1 Reg 2a Reg 2b For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income. (Negative amounts should be indicated by a minus sign.) Gross Profit Operating Income Income Before Income Taxes Net Income / Loss Henry Grace James Req 1 Reg 2a Reg 2b For each company, calculate the gross profit ratio. Gross Profit Ratio Accounts in Ratio Amounts Gross profit $ 30,800 Henry II = 70% Net sales $ 44,000 Gross profit $ 15,040 Grace II II 32% Net sales $ 47,000 Gross profit $ James II 20,800 52,000 II 40% Net sales $ Req 1 Req 2a Reg 2b Which company has the most favorable ratio? Which company has the most favorable ratio? Henry Req 2a Reg 2b