Exercise 8 -The following are excerpts from Your Co's financial statements

Exercise 8 -The following are excerpts from Your Co's financial statements. Sales Sales Discounts Sales Returns & Allowances COGS Operating & Other Expenses Allowance Doubtful Accounts Net Sales Gross Profit (Margin) Net Income Average Net A/R Gross Margin Ratio Profit Margin Ratio A/R Turnover Ratio $ 3,090.00 1,500.00 1,200.00 420.00 Your Co. 20X2 $ 2,760.00 21.00 39.00 1, 404.00 1,080.00 393.00 33.00 $ 2,559.00 1,319.70 375.00 x x x x x Is Your Co's gross margin ratio better than the industry average of 45%? Is Your Co's profit margin ratio better than the industry average of 11%? Is Your Co's A/R Turnover ratio better than the industry average of 12?