! Required information [The following information applies to the questions displayed below. Below are amounts found in the income statements of three companies. Sales Company Revenue Henry $48,000 Grace 51,000 James 56,000 Cost of Goods Sold $ 19,200 38,250 37,520 Operating Expenses $ 5,800 14,000 3,800 Non- operating Expenses $2,800 7,800 0 Income Tax Expense $2,800 0 3,800 2-a. For each company, calculate the gross profit ratio. Gross Profit Ratio Henry Grace James 2-b. Which company has the most favorable ratio? O Henry O Grace O James