:33 (Objectives 8-3, 8.5) As part of the analytical procedures of Mahogany Products Co.. perform calculations of the following ratios: Industry Averages 2011 2010 Mahogany Products Ratio 2010 I Current ratio 2 Days to collect receivables 3 Days to sell inventory 4 Purchases divided by accounts payable 5 Inventory divided by current assets 6 Operating income divided by tangible assets 7 Operating income divided by net sales 8 Gross profit percent 9 Earnings per share 3.30 3.80 87.00 93.00 26.00 21.00 11.70 11.60 51 06 .06 27 2.20 67.00 93.0089.00 2.60 60.00 56 .08 .06 21 49 14 .04 21 8.60 48 12 04 US$14.27US$13.9 US$2.09 US$1.93 Required For each of the preceding ratios: a. State whether there is a need to investigate the results further and, if so, the reason for further investigation. b. State the approach you would use in the investigation. c Explain how the operations of Mahogany Products appear to differ from those of the industry CASE trnhin Air Parts Manufacturing is a highly successful, alty narts that are