This Question: 2 pts 5 of 11 (3 complete) The McConnell Farm Supplies, Inc. chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the averages for the industr company's income statement and balance sheet, as well as the industry average data for retailers. Click the icon to view the income statement.) Click the icon to view the balance sheet.) Required 1. Prepare a vertical analysis for McConnell for both its income statement and balance shoot. 2. Compare the company's gross margin percentage (gross margin as a percent of net sales) with the average for the industry. Comment on their investment in assets and the am the industry information shown Requirement 1. Prepare a vertical analysis for McConnell for both its income statement and balance sheet. Begin by preparing a vertical analysis for McConnoll for its income statement. (Round the percentage to the nearest tenth percent, XX%.) McConnell Farm Supplies, Inc. Income Statement For the Ye Ended December 31, 2020 Percent of Total Amount Net sales $ 782,000 % Enter any number in the edit fields and then continue to the next question Required 1. Prepare a vertical analysis for McConnell for both its income sta 2. Compare the company's gross margin percentage (gross margi the industry information shown. Net sales $ % 782,000 529,414 Cost of goods sold Gross margin 252,586 161,092 Operating expenses Operating income 91,494 7,820 Other expenses $ Net income 83,674 % 10 TU IVICUonnell for both its income statement and balance 2. Compare the company's gross margin percentage (gross margin as a percent of ne the industry information shown. McConnell Farm Supplies, Inc. Balance Sheet December 31, 2020 Amount Percent of Total Current assets $ 291,110 % 111,800 Property, plant, and equipment Intangible assets, net 6,020 21,070 Other assets Ualla 2. Compare the company's gross margin percentage (gross margin as a percent of ne the industry information shown. Total assets $ 430,000 % Current liabilities $ % 200,380 95,460 Long-term liabilities Total liabilities I 295,840 134,160 Shareholders' equity $ 430,000 Total liabilities and shareholders' equity % Enter any number in the edit fields and then continue to the next question. Type here to search equirement 2. Compare the company's gross margin percentage with the average for the industry, as woll as the investment in assets and the amount of current locaties Connell's gross margin percentage is the industry average, which indicates profit performance as compared with the industry e company showed a slightly slight investment in fixed and intangible assets than the industry average. The percentage of current liabilities is than the industry average, which would generally in financial position than the average for the industry. or any number in the edit fields and then continue to the next