Profitability Analysis Ashley Enterprises reports the iinformation on its income statement: Net sales. Cost of goods sold. Selling expenses $300,000 Admas ative expenses $20,000 15,000 10,000 ....170,000 50,000 Other expense Required Compute Ashley's gross profit percentage and return on sales ratio. Explain what each ratio tells us about Ashley's performance. Ashley is planning to add a new product and expects net sales to be $32,000 and cost of goods affecet Ashley's gross profit percentage and return on sales ratio? What do you advise regarding the new product offering? to be $26,000. No other income or expenses are expected to change. How will this