Rolex Company reports the following information. Current Year Prior Year Sales Cost of goods sold $ 220,000 132,000 $ 180,000 135,000 1. Compute the gross profit ratio for each of the two years reported. 2. Did the company outperform or underperform the industry average gross profit ratio of 30% in the current year? 3. Did the gross profit ratio improve or decline in the current year? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the gross profit ratio for each of the two years reported. Gross profit ratio Current Year Prior Year % %