Below are amounts found in the income statements of three companies. Company Henry Grace James Sales Revenue $28,000 31,000 36,000 Cost of Goods Sold $ 7,000 24,800 25,920 Operating Expenses $4,800 7,800 2,800 Non-operating Expenses $1,800 3,800 0 Income Tax Expense $1,800 2,800 2-a. For each company, calculate the gross profit ratio. Gross Profit Ratio Gross profit Net sales Henry Grace Gross profit Net sales James Gross profit Net sales 2-a. For each company, calculate the gross profit ratio. Henry Gross Profit Ratio Gross profit Net sales 11 Grace Gross profit Net sales Il James Gross profit Net sales 2-b. Which company has the most favorable ratio? O Henry O Grace James