ework Chapter 6 Inventory Below are amounts found in the income statements of three companies. Cost of Goods Operating Company Net Sales Sold Expenses Nonoperating Expenses Income Tax Expense Henry $12,000 $3,000 $4,000 $1,000 $1,000 Grace 15,000 10,000 6,000 3,000 0 James 20,000 12,000 2,000 0 2,000 equired: For each company, calculate (a) gross profit, (b) operating income, (c) income before income -a. For each company, calculate the gross profit ratio. -b. Which company has the most favorable ratio? Complete this question by entering your answers in the tabs below. Req 1 Req 2a Req 2b For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, (Negative amounts should be indicated by a minus sign.) Gross Profit Operating Income Income Before Income Taxes Net Income / Loss enry race ames Req 2a>