$ IT 11 The following is the Profit & Loss Account of Jerome Private Ltd. for the year ending 31st December, 1986. $ To Opening stock 1,02,000 By Cash sales 6,35,000 " Purchases 5,29,000 Credit sales 3,15,000 9,50,000 Returns 17,000 5,12,000 Returns 15,000 9,35,000 Carriage 5,000 By Closing stock 92,000 Wages 55,000 Gross Profit 3,53,000 10,27,000 10,27,000 Administrative By Gross Profit 3,53,000 Expenses: Non-operating Income: Salaries 35,000 Rent 20,000 Dividend on shares 3,500 To Depreciation 15,000 Profit on sale Sundry exp. 5,000 of shares 8,500 Selling and Distribution 85,000 Advertising Salesmen's Salary & Commission 1,05,000 Other selling exps. Non-operating exps: Loss on sale of machinery 11,000 To Net Profit 75,000 3,65,000 3,65,000 You are required to calculate: (1) Gross Profit Ratio (2) Operating Profit Ratio (3) Operating Ratio x: 14,000