The question has 4 parts.. please help with all parts... Thanks!

Top managers of McDonough Products, Inc., have asked you to compare the company's profit performance and financial position with the average for the industry. The wompany's accountant has given you the business's income statement, balance sheet, and industry data: Click the icon to view the income statement.) (Click the icon to view the balance sheet.) Read the requirements Requirement 1. Prepare a common-size income statement and balance sheet for McDonough Products. The first column of each statement should present the company's common-size statement, and the second column should show the industry averages. (Round the percentages to the nearest one-tenth percent, XX%. Start by preparing a common-size income statement for McDonough Products, Inc. McDonough Products, Inc. Common-Size Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry McDonough Average Net sales 100.0 % Cost of goods sold Gross profit 42.7% 29.4 Operating expenses % Operating income 13.3 % % 57.3 % % % Other expenses 2.5 % 10.8 Net income % Data Table Requirements Data Table McDonough Products, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry McDonough Average Net sales $ 500,000 100.0 % 345,000 57.3 Cost of goods sold Gross profit 155,000 42.7 120,000 29.4 Operating expenses Operating income 35,000 13.3 2.500 2.5 Other expenses $ 32,500 Net income 1. Prepare a common-size income statement and balance sheet for McDonough Products. The first column of each statement should present the company's common-size statement, and the second column should show the industry averages. 2. For the profitability analysis, compare the company's (a) ratio of gross profitto net sales. (b) ratio of operating income to net sales, and (c) ratio of net income to net sales with the industry averages. Is the company's profit performance better or worse than the average for the industry 3. For the analysis of financial position, compare McDonough Products' (a) ratios of current assets and current liabilities to total assets and (b) ratio of stockholders' equity to total assets. Compare these ratios with the industry averages. Is the company's financial position better or worse than the average for the industry? McDonough Products, Inc. Balance Sheet Compared with Industry Average December 31, 2018 Industry McDonough Average Current assets $ 448,000 72.1 % Plant assets, net 115,200 19.0 Intangible assets.net 19,200 4.8 57,600 Other assets 4.1 $ 640,000 Total 100.0 % Print Done 10.8% $ 313,600 Current liabilities Long-term liabilities Stockholders' equity 47.2% 21.0 31.8 137,600 188,800 % Print Done $ 640,000 100.0 % % Total