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Average Ratios by Type of Business \begin{tabular}{lcccrrrr} \hline Type of Business & Cost of Goods & Gross Profit & Total Expenses* & Net Income & Wages & Rent & Advertising \\ \hline Supermarkets & 82.7% & 17.3% & 13.9% & 3.4% & 6.5% & .8% & 1.0% \\ Men's and women's apparel & 67.0% & 33.0% & 21.2% & 11.8% & 8.0% & 2.5% & 1.9% \\ Women's apparel & 64.8% & 35.2% & 23.4% & 11.7% & 7.9% & 4.9% & 1.8% \\ Shoes & 60.3% & 39.7% & 24.5% & 15.2% & 10.3% & 4.7% & 1.6% \\ Furniture & 68.9% & 31.2% & 21.7% & 9.6% & 9.5% & 1.8% & 2.5% \\ Appliances & 66.9% & 33.1% & 26.0% & 7.2% & 11.9% & 2.4% & 2.5% \\ Drugs & 67.9% & 32.1% & 23.5% & 8.6% & 12.3% & 2.4% & 1.4% \\ Restaurants & 48.4% & 51.6% & 43.7% & 7.9% & 26.4% & 2.8% & 1.4% \\ Service stations & 76.8% & 23.2% & 16.9% & 6.3% & 8.5% & 2.3% & .5% \\ \hline \end{tabular} *Total Expenses represents the total of all expenses involved in running the firm. These expenses include, but are not limited to, wages, rent, and advertising. 1. Calculate the percent of net sales, cost of goods sold, gross profit, and net income from the data in the chart above. 2. Determine the average ratio for this industry. Use the Average Ratios by Type of Business Chart located on page 617 of the textbook. 3. Compare your calculated percentages to the industry average for cost of goods sold, gross profit, and net income. Is Lola's Shoe Store doing better or worse than the industry averages? Explain your analysis. Be sure to use the Excel template to complete this exercise

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