Financial Ratios Use the guidance and financial statements below to perform the calculations. Assume no dividends have been distributed, and retained earnings is the cumulative profit for the business. \begin{tabular}{|l|c|c|} \hline \multicolumn{3}{|c|}{ Income Statement (Quarter Ending December 31, 20xx) } \\ \hline Sales & $120,000 & \\ \hline Cost of Goods Sold & $65,000 & \\ \hline Gross Margin & & $55,000 \\ \hline Advertising/Promotion & $15,000 & \\ \hline Payroll Expense & $27,000 & \\ \hline Other Expense & $13,000 & \\ \hline Total Expenses & & \\ \hline Profit Before Taxes & & $55,000 \\ \hline Taxes (@30\%) & & $0 \\ \hline Profit After Taxes & & $0 \\ \hline \end{tabular} Return on Sales (ROS): The ratio of profitability to sales is an indication of how costs are affecting profitability. SalesProfit100=