The following information was extracted from the records of Leon Sports Ltd for the year ended 31 December 2019. R Capital 1 January 2019 250 000 Drawings 15 000 Sales (70% on credit) 750 000 Gross profit 150 000 Total expenses 55 000 Bank overdraft 12 000 Net profit 95 000 6500 Creditors Accrued expenses 500 VAT payable 2 500 Property, plant and equipment 350 000 Fixed deposit 20 000 Inventory 55 000 Debtors 25.000 1.000 Prepaid expenses Mortgage Loan 100 000 Additional Information The opening balance of the inventory and debtors was R50 000 and R100 000 respectively. Assume a 360 day year. Required: Q2.1 Calculate the following ratios and explain what each ratio means in relation to the industry average given in brackets. Show your calculations as marks will be awarded for these. Round off to 2 decimal places. Q.2.1.1 Gross profit margin (33%) Q.2.1.2 Debt equity ratio (30%) (5) Q.2.1.3 Average debtors collection period (30 days) (6) (6) Q.2.1.4. Inventory turnover (1.5 times)