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, 2023 60,690 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