The 2023 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2023 Net sales $ 1,136,000 Cost of goods sold: Inventory, Dec. 31, 2022 $ 83,860 Purchases 617,840 Goods available for sale $ 701,700 Inventory, Dec. 31, 2023 61,590 Cost of goods sold 640,110 Gross profit from sales $ 495,890 Operating expenses 290,360 Operating profit $ 205,530 Interest expense 13,100 Profit before taxes $ 192,430 Income taxes 19,714 Profit $ 172,716 Outdoor Waterworks Inc. Balance Sheet December 31, 2023 Assets Cash $ 23,900 Current non-strategic investments 26,520 Accounts receivable, net 53,780 Notes receivable 12,260 Inventory 61,590 Prepaid expenses 6,100 Plant and equipment, net 335,020 Total assets $ 519,170 Liabilities and Equity Accounts payable $ 49,520 Accrued wages payable 6,580 Income taxes payable 7,470 Long-term note payable, secured by mortgage on plant 119,100 Common shares, 160,000 shares 200,500 Retained earnings 136,000 Total liabilities and equity $ 519,170 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 $441,220, common shares were $200,500, and retained earnings were $112,740. 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.