In its statement of profit or loss for the year ended 30 June 2016, Lulu Ltd reported the following condensed data: 

Required

(a) Prepare a fully classified statement of profit or loss.

(b) Calculate the profit margin ratio, gross profit ratio, and operating expenses to sales ratio.

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Administrative expenses Cost of sales Financial expenses Other operating revenue $261 000 593 400 42 000 27 000 Income tax expense Selling expenses Net sales $ 37980 414 000 1410 000