Go to the Australian Tax Office’s Small Business benchmark website Find the benchmark figures for a Delicatessen for 2018-19 financial year and note down the following figures for a business with a turnover equivalent to Delizio’s:

• Average Cost of Sales

• Average total expenses

a) Gross Profit ratio

i. Calculate the benchmark Gross Profit ratio using the calculation: 100% – Average Cost of Sales

ii. Compare the benchmark Gross Profit ratio calculated in i) to Delizio’s Gross Profit ratio previously calculated on your spreadsheet. Comment on Delizio’s performance compared to the industry standard (benchmark Gross Profit ratio).

b) Net Profit ratio

i. Calculate the Benchmark Net Profit ratio using the calculation: 100% – Average total expense

ii. Compare the benchmark Net Profit ratio calculated in i) to Delizio’s Net Profit ratio previously calculated on your spreadsheet. Comment on Delizio’s performance compared to the industry standard (benchmark Net Profit ratio).