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QUESTION 2 (25 MARKS) Galaxy Enterprise closes its accounting period on 31 December annually. The statement of Profit or Loss for the year ended 2020 for Galaxy Enterprise as shown below: Galaxy Enterprise Statement of Profit or Loss for the year ended 31 December 2020 RM RM RM Sales 630,000 Less: return Inwards (50,000) Net Sales 580,000 25.000 Less: Cost of Goods Sold Opening Inventory Purchases Less: return Outwards 295,000 (80,000) 215,000 (18,000) Closing inventory (222,000) 358,000 Gross Profit Add: Revenue Less: Expenses 27.000 (16,000) NET PROFIT 369,000 Additional information: 1. All sales were made on credit. 2. The following is the extract of Statement of Financial Position for Galaxy Enterprise as at 31 December 2020: CURRENT ASSETS Cash at bank Closing inventory Debtor Prepaid Expenses 36,750 18,000 26,000 250 CURRENT LIABILITIES Creditor Accrued Rental 31,000 6,000 CIVE1702/June 2021 Page 3 of 6 3. Use 365 days in a year. Required: Calculate the following ratio and give comments for each of the following: i. Current ratio (5 marks) (CLO2:PLO5:C4) ii. Quick ratio (5 marks) (CLO2:PLO5:04) iii. Inventory turnover ratio (5 marks) (CLO2:PLO5:C4) iv. Average collection period (5 marks) (CLO2:PLO5:C4) v. Gross profit margin (5 marks) (CLO2:PLO5:C4)