P$182$B The Western Farm Supplies Inc. chief executive officer $($CEO$)$ has asked you to compare the company$$s profit performance and financial position with the averages for the industry. The CEO has given you the company$$s income statement and balance sheet, as well as the industry average data for retailers:

WESTERN FARM SUPPLIES INC

income statement compared with industry average

for the year ended dec $31,2023$

Western Farm Industry Average

Net sales $ $782,000100\%$

cost of goods sold $ $528,63266\%$

Gross margin $ $253,36834\%$

Operating expenses $ $163,43820\%$

Operating income $ $89,93015\%$

Other expenses $ $4,6920\%$

Net income $ $85,23814\%$

WESTERN FARM SUPPLIES INC

Balance sheet compared with industry average

for the year ended dec $31,2023$

Western Farm Industry Average

Current assets $ $303,75070\mathrm{.}9\%$

Property, plants, and equipment $ $117,00023\mathrm{.}6\%$

Intangible assets,net $ $5,8500\mathrm{.}8\%$

Other assets $ $234,4004\mathrm{.}7\%$

Total assets $ $450,000100\mathrm{.}0\%$

Current liabilities $ $208,80048\mathrm{.}1\%$

Long$-$ term liabilities $ $102,60016\mathrm{.}6\%$

Total liabilities $ $311,40064\mathrm{.}7\%$

Shareholders equity $ $138,60035\mathrm{.}3\%$

Total liabilities and shareholdes equity $ $450,000100\mathrm{.}0\%$

Required

$1.$ Prepare a vertical analysis for Western for both its income statement and balance sheet. Round all answers to one decimal place.

$2.$ Compare the company$$s gross margin percentage with the average for the industry. Comment on their investment in assets and the amount of current liabilities compared to the industry information shown.