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Top managers of Giligan Products, Ine, have asked you to compare the company's profit performance and financial position with the average for the industry. The company's accountant has given you the business's income statement, balance sheet, and lindustry data: (Click the foon to view the income statement) (Click the icon to view the balance sheet) Read the recuiremonts. Requirement 1. Prepare a common-size income statement and balance sheot for Gillgan Products. The first column of each statement should present the company's cormmon-tize statement, and the second column should show the industry averages. (Round the percentages to the nearest one-tenth percent, XXX. Do not enter the sis sign in any of the input. fields.) Start by preparing a common-size income statement for Glligan Products, Inc. Gilligan Products, Inc. Common-Size Income Statement Compared with Industry Average Requirements 1. Prepare a common-size income statement and balance sheet for Gilligan Products. The first column of each statement should present the company's common-size statement, and the second column should show the industry averages. 2. For the profitability analysis, compare the company's (a) ratio of gross profit to net sales, (b) ratio of operating income to net sales, and (c) ratio of net income to net sales with the industry averages. Is the company's profit performance better or worse than the average for the industry? 3. For the analysis of financial position, compare Gilligan Products' (a) ratios of current assets and current liabilities to total assets and (b) ratio of stockholders' equity to total assets. Compare these ratios with the industry averages. Is the company's financial position better or worse than the average for the industry? Data table Gilligan Products, Inc. Income Statement Compared with Industry Average