The following information is available for Abu Company Limited for the year ended Abu Company Limited Income Statement For the Year Ended May 31, 2021 Sales $1,024,600 Cost of goods sold 672,500 352,100 27,500 Amortization expense Operating expenses Total operating expenses 165,000 192,500 159,600 12,500 Interest expense 147 100 Income taxes 29,420 $117,680 Liabilities Assets Accounts payable $139,700 Cash $48,250 Wages payable 5,600 Accounts receivable 156,800 Taxes payable 29,420 Inventory 152,000 174,720 357,050 Long term note payable 240,000 458,000 414,720 Property, plant & equipment Less Accumulated depreciation (89,500) 368,500 Shareholder's equity Common shares 90,000 $725,550 Retained earnings 220,830 310,830 $725,550 Additional information: All sales were credit sales and normal terms are net 30 days from date of invoice. The company's accounts receivable at May 31, 2020 were $142,000. The inventory at May 31, 2020 was 5101,000. The total assets at May 31, 2020 were $630,500 Shareholder's equity was $253,160 at May 31, 2020. Total shares outstanding at May 31, 2020 & May 31, 2021 were 10,000 The market price per share is $50, Liabilities Assets Accounts payable Wages payable Cash $48,250 Accounts receivable 156,800 Taxes payable Inventory 152,000 357,050 Long term note payable 458,000 Property, plant & equipment Less Accumulated depreciation (89,500) 368,500 Shareholder's equity Common shares $725,550 Retained earnings Required: 1. Calculate any 12 ratios from the list of ratios provided in Moodle & discussed in cla 2. Choose 4 of the ratios calculated in Part 1 & discuss. Limited industry averages & you in your analysis Abu Company Limit Industry averages -2021 May 31, 2020 33.9% 36% Gross profit margin ratio Return on sales (net profit margin) 10% 12% Times interest earned 14 10 .60 Debt ratio 55 # of days sales in inventory 60 days 72 days 1.7 2.5 Current ratio 1.08 1.40 Quick Ratio