Top managers of Maron Products, Inc., have asked you to compare the company's profit performance and financial position with the average for the industry. The company's accountant has given you the business's income statement, balance sheet, and industry data: Iliol tho Inon in view the halance sheet Maron Products, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2021 Maron Industry Average Net sales $ 500,000 100.0% Industry Average Maron Net sales $ $ 500,000 100.0% 260,000 57.3% Cost of goods sold Gross profit 240,000 42.7% 125,000 29.4% Operating expenses Gross profit 240,000 42.7% 125,000 29.4% Operating expenses Operating income 115,000 13.3% 5,000 2.5% Other expenses $ 110,000 10.8% Net income Maron Products, Inc. Balance Sheet Compared with Industry Average December 31, 2021 Maron Industry Average Current assets $ 510,000 72.1% Industry Average Maron Current assets $ 510,000 72.1% Plant assets, net 121,040 19.0% Intangible assets, net 4.8% 27,200 21,760 4.1% Other assets $ 680,000 100.0% Total Current liabilities $ 312,800 47.2% Long-term liabilities 146,880 21.0% 220,320 31.8% Stockholders' equity $ 680,000 100.0% Total 1. Prepare a common-size income statement and balance sheet for Maron 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 profit to 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? to 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 Maron 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