Use the information provided below to answer the following questions: Calculate the following ratios for 2021 (expressed to two decimal places). The ratios for 2020 are provided in brackets. 3.1 3.1.1 Inventory turnover (3.79 times) (2 marks) 3.1.2 Creditors payment period (48.67 days) (2 marks) 3.1.3 Current ratio (1.56:1) (2 marks) 3.1.4 Gross margin (45.33%) (2 marks) 3.1.5 Debt to assets (54.49%) (2 marks) 3.1.6 Earnings per share (36.4 cents) (2 marks) 3.1.7 Dividends per share (30 cents) (2 marks) 3.2 Use your answers from question 3.1 to comment on the following: 3.2.1 The operational effectiveness of the company (2 marks) 3.2.2 The liquidity of the company (2 marks) 3.2.3 The profitability of the company (from the shareholders point of view) (2 marks) INFORMATION Excerpts of the financial statements of Igwe Limited for 2021 are provided below. IGWE LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2021 R Sales 3 200 000 Cost of sales (1 600 000) Operating profit 600 000 Interest expense (72 000) Profit before tax 528 000 Profit after tax 370 000 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021 R Non-current assets 1 628 000 Inventories 464 000 Accounts receivable 578 000 Cash and cash equivalents 234 000 Equity 1 306 000 Non-current liabilities 646 000 Accounts payable 216 000 Other current liabilities 736 000 Note: Inventories on 31 December 2020 amounted to R400 000. All purchases and sales of inventories are on credit. The number of shares in issue on 31 December 2021 was 500 000. Other current liabilities include the final dividend of R300 000 that is payable to shareholders. No interim dividends were declared.