QUESTION ONE [25 The following information appeared in the accounting records of Ramehow Projects: Extract from the Statement of Comprehensive Income for the year ended 31 March 2022 R Sales (all credit) 610000 Gross profit 390000 Operating profit 170000 Interest expense 17000 Profit before tax 153000 Net profit after tax 110000 Extract of the Statement of Financial Position as at 31 March 2022 R R Assets 700000 Non-current assets 340000 Current assets 150000 Inventory 120000 Debtors 1040000 Bank 600000 Equity and Liabilities 300000 Owners' equity 140000 1040000 Non-current liabilities Current liabilities Required: Calculate and comment on the following ratios (where applicable round off answers to two decima places): 1.1 Gross margin (4) 1.2 Current ratio 1