make comparisons with the industry) Top managers of Bryan Products. Inc, have your help in comparing company average for the industry. The accountant has given you the company's income balance sheet and also the following data for the in asked for at P13-50A. (Learning Objectives 3, 5: Prepare common-size statements; analyze statement and ti g the company's profit performance and financial position with the Income Statement Compared with Industry Averag Year Ended December 31, 2016 Bryan Products, Inc. Industry Bryan Average 573 800,000 416,000 384,000 76,000 208,000 100.0% 3 Net sales 4 Cost of goods 3.3 2.5 Gross 6 Operating e 7 Operating income 8 Other expenses 9-Net income 10 Bryan Products, Inc. Balance Sheet Compared with Industry Average December 31, 2016 Industry Bryan Average 531,300 127,650 20,700 10,350 690,000 72.1% t assets 19.0 4 Fixed assets net Other assets Total t liablities 317,400 144,900 47.2% 21.0 10 Long-term labilities 11 Stockholders equ 12 Total Requirements 1. Prepare a common-size income statement and balance sheet for Bryan Products. The first column of each statement should present Bryan Products common-size statement, and the second column should show the industry averages. 2. For the profitability analysis, compare Bryan Products (a) ratio of gross profit to net sales ratio of operating income to net sales, and (c) ratio of net income to net sales with the industry averages. Is Bryan Products' profit performance bette for the industry? r or worse than the average 3. For the analysis of financial position, compare Bryan Products' (a) ratios of current and current liabilities to total assets and (b) ratio of stockholders' equity to total Compare these ratios with the industry averages. Is Bryan Products' financial position ter or worse than the average for the industry