The $2023$ financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December $31,2023$ Net sales $ $1,076,000$ Cost of goods sold: Inventory, Dec. $31,2022$ $ $80,860$ Purchases $611,840$ Goods available for sale $ $692,700$ Inventory, Dec. $31,202360,690$ Cost of goods sold $632,010$ Gross profit from sales $ $443,990$ Operating expenses $284,360$ Operating profit $ $159,630$ Interest expense $12,500$ Profit before taxes $ $147,130$ Income taxes $19,414$ Profit $ $127,716$ Outdoor Waterworks Inc. Balance Sheet December $31,2023$ Assets Cash $ $23,300$ Current non$-$strategic investments $25,800$ Accounts receivable, net $53,180$ Notes receivable $11,660$ Inventory $60,690$ Prepaid expenses $5,980$ Plant and equipment, net $332,020$ Total assets $ $512,630$ Liabilities and Equity Accounts payable $ $49,280$ Accrued wages payable $6,460$ Income taxes payable $7,290$ Long$-$term note payable, secured by mortgage on plant $117,300$ Common shares, $160,000$ shares $197,500$ Retained earnings $134,800$ Total liabilities and equity $ $512,630$ Assume all sales were on credit. Also assume the long$-$term note payable is due in $2026,$ with no current portion. On the December $31,2022,$ balance sheet, the assets totalled $$438,220,$ common shares were $$197,500,$ and retained earnings were $$110,940.$ Required: Calculate the following: $($Use $365$ days in a year. Do not round your intermediate calculations. Round the answers to $2$ decimal places.$)$ Analysis Component: Identify whether the ratios calculated above are favourable or unfavourable to the industry averages.