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Income Statement compared with Industry Average For the year ended 30th June 2016 Peters Industry Average 100.0% Net sales $972,500 Cost of sales 653.520 65.8 34.2 Gross profit Selling and general expenses Other expenses Profit 318,980 201,308 5.835 19.7 04 Peters Retailers Pty Statement of financial Position compared with Industry Average as at 30h June 2016 Peters Industry Average $406,800 70.9% 151,200 23.6 0.8 Current assets Property, plant and equipment, net Intangible assets, net Other assets 10,800 31200 4.7 S600.000 10000 278,400 134,400 187,200 35.3 S600.000 100,0% Total assets Current liabilities 48.1 16.6 Non-current liabilities Shareholders' equity Total liabilities and shareholders' equity Prepare a common-size income statement and statement of financial position for Peters. The first column of each statement should present Peters' common-size statement and the second column the industry averages. 1. 2. Compare Peters' gross profit percentage and rate of return on net sales with the industry averages. Is Peters' performance better or worse than the industry average? 3. Compare Peters' current ratio and debt to equity ratios with the industry averages. Is Peters' performance better or worse than the industry average