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Using Ontario Style's income statement for the year ended August 31, 2020, provided, compute these ratios to evaluate Ontario Style's performance: 1. Gross margin percentage 2. Inventory turnover (ending inventory one year earlier, at August 31, 2019, was $54,500. Ending inventory this year is $80,000.) Compare your figures with the 2019 gross margin percentage of 44 percent and the inventory turnover rate of 4.39 times. Does the two-year trend suggest that Ontario Style's profits are increasing or decreas (Click the icon to view the income statement.) ... Gross margin percentage (Round your answer to one decimal place.) Ontario Style's gross margin percentage is %. rur me year cnueu August 31, Revenues: Sales revenue 447,500 5,700 Less: Sales discounts Net sales 441,800 322,400 Cost of goods sold Gross margin 119,400 Operating expenses: Selling expenses $ $ 62,700 32,600 95,300 General expenses 24,100 Income from operations Other expense: 1,500 Interest expense $ 22,600 Net income