Philippines Corporations'2020 financial statements follow, along with some industry average ratios: Balance Sheet. as of Dec. 31 2020 P 72000 Accounts and notes Cash P 432,000 payable Accounts Receivable 439,000 Accrued Expenses 170,000 Inventories 894,000 Long term debts 404,290 Land and building (net) 238,000 Common stock 575,000 Machineries (net) 132,000 Retained earnings 254,710 Other fixed assets 61,000 P1,836,000 P 1,836,000 Total Assets Income Statement for year ended Dec 31 2020 Industry Ave. Financial Ratios: Sales P 4,290,000 Current ratio 2.7 Cost of sales 3,580,000 Quick asset ratio 0.75 Selling and general expenses 236,320 Receivable turnover 10.5x Depreciation 159,000 Inventory turnover 3.75x Miscellaneous expenses 60,000 # of days collection 32 days Interest expense 74,000 Debt ratio 50% Taxes (40%) 72,272 Times interest earned 2.5x P108,408 Net Income Gross profit margin 3.50% Other information: Bemine per share P 5.00 23,000 No. Of shares outstanding 6x shares Price- Earnings ratio Market price per share P45.00 MV/BV 1.2 Cash dividend per share P 0.95 Dupont System ROA 9.10% ROE 18.20% O Questions: Based on the financial ratio given by the Industry (above), calculate the Company's financial ratios and give a short explanation/interpretation of the answer. Compare the computed Company's financial ratios against the Industry average data. Which of the two is performing well. Comment briefly on the company's strength and weaknesses compared to the industry as far as liquidity, activity, debt, profitability, and market ratios Recast the above Financial statements into a Common-Size Financial Statements