With the following Income Statement find the following financial ratios: Income Statement-XYZ, Inc. - Jan 1- Dec 31 Sales Expenses Cost of Goods Sold Gross Profit Operating Expenses Total Oper Expenses Operating Profit Income Taxes Net Income Salaries Freight Bad Debt Utilities 180,000 15,000 4,000 22,000 Depreciation 14,000 Amortization 8,000 Insurance Advertising Interest Miscellaneous 12,000 15,000 9,000 4,000 800,000 350,000 450,000 283,000 167,000 83,500 83,500 a. (3 pts) Gross Margin b. (4 pts) Operating Margin c. (4 pts) EBIDTA d. (4 pts) Net Margin 2. (20 Points) Fill out the empty cells in the Income Statement below. This income statement is for a 1-year period. Here is what you know: The Gross Profit Margin is 50%. The Beginning Inventory and Ending Inventory are equal. The company has 10 inventory turns per year. Neglect interest and taxes. Income Statement (Jan 1 - Dec 31) Sales COGS Gross Profit Operating Expenses Net Profit Find the values for: a. (5 pts) Average Inventory Level 60,000 30,000