The 2023 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2023 Net sales $ 1,126,000 Cost of goods sold: Inventory, Dec. 31, 2022 $ 83,360 Purchases 616,840 Goods available for sale $ 700,200 Inventory, Dec. 31, 2023 61,440 Cost of goods sold 638,760 Gross profit from sales $ 487,240 Operating expenses 289,360 Operating profit $ 197,880 Interest expense 13,000 Profit before taxes $ 184,880 Income taxes 19,664 Profit $ 165,216 Outdoor Waterworks Inc. Balance Sheet December 31, 2023 Assets Cash $ 23,800 Current non-strategic investments 26,400 Accounts receivable, net 53,680 Notes receivable 12,160 Inventory 61,440 Prepaid expenses 6,080 Plant and equipment, net 334,520 Total assets $ 518,080 Liabilities and Equity Accounts payable $ 49,480 Accrued wages payable 6,560 Income taxes payable 7,440 Long-term note payable, secured by mortgage on plant 118,800 Common shares, 160,000 shares 200,000 Retained earnings 135,800 Total liabilities and equity $ 518,080 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 $440,720, common shares were $200,000, and retained earnings were $112,440. 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