L04 PS-SB. u 1 J Protability Analysis Ashley Enterprises reports the following information on its income statement: Net sales ....................... $300,000 Administrative expenses ........... $20,000 Cost of goods sold ............... 170,000 Other income .................... 15,000 Selling expenses ................ 50,000 Other expense ................... 10,000 Required Compute Ashley's gross prot percentage and return on sales ratio. Explain what each ratio tells us aboutAshley's performance. Ashley is planning to add a new product and expects net sales to be $32,000 and cost of goods to be $26,000. No other income or expenses are expected to change. How will this affect Ashley's gross prot percentage and retum on sales ratio? What do you advise regarding the new product offering