XYZ Fashion Retail sells high-end clothing. Financial data for 2023 is provided below:

Ledgers (in $ millions)	Amount
Beginning Inventory	15.0
Purchases of Merchandise	75.0
Sales Revenue	150.0
Operating Expenses	50.0
Income Tax Expense	10.0

Requirements:

• Prepare XYZ Fashion Retail's income statement for the year ended December 31, 2023.
• Calculate the Gross Profit and Operating Income.
• Determine the Net Income after taxes.
• Analyze XYZ Fashion Retail's financial performance relative to industry benchmarks.
• Recommend strategies to enhance XYZ Fashion Retail's profitability and market competitiveness.