The 2023 financlal statements of Outdoor Waterworks inc. follow: outdoor Waterworks Inc. Income statement For Year Ended December 31, 2623 Net sales $1,126,000 cost of goods sold: Inventory, Dec. 31, 2022 Purchases Goods available for sale Inventory, Dec. 31, 2023 Cost of goods sold Gross profit from sales Operating expenses operating profit: Interest expense profit before taxes $83,360 Income taxes $796,200616,84 $487,24638,7661,44 $197,886289,366 Profit $184,88013,960 19,664$165,216 Outdoor Waterworks Inc. Balance Sheet December 31,2623 Assets Cash 323,800 Current non-strategic investrients 26,4ee Accounts recelvable, net 53,680 Notes receivable 12,160 Inventory 61,440 Prepaid expenses plant and equipment, net Total assets 6,980 $518,880334,52 Liabilities and Equity Accounts payable 349,480 Accrued wages payable 6,568 Income taxes payable 7,446 Long-term note payable, secured by mortgage on plant Common shares, 160,0ed shares 113,800 Retained earnings Total liabilities and equity 5518,080135,800 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 totaled $440,720, common shares were $200,000, and retained earnings were $112,440. Requlred: Calculate the following: (Use 365 days in a year. Do not round your Intermediate calculations. Round the answers to 2 declmal places.) Analysis Component: Identify whether the ratios calculated above are favourable or unfavourable to the industry averages