Statement of profit or loss and other comprehensive income for the year ended 31 July 2022 Statement of financial position as at 31 July 2022 Required: (a) Calculate (to 2 decimal places) the following ratios for each of the companies: (i) gross profit margin; (ii) net profit margin; (iii) current ratio; (iv) quick ratio; (v) inventory turnover (in times) (based on average inventory) (vi) trade receivables collection period (in days); and (vii) trade payables payment period (in days). Note: Formula are required for the calculation. (14 marks) (b) Comment the relative performance of the two companies on the areas of profitability, liquidity, operational efficiency of inventory turnover and trade receivables collection period, based on the ratios calculated in part (a). (16 marks) (Total 30 marks)