Presented below is partial financial information for Chippy's Chocolate at at December 31st 2021 2020 2019 Net Sales $8,500 $6,000 $63,000 Cost of Goods Sold 6,370 5,040 52.920 Cash 2.110 2,650 2,432 Accounts Receivable 1,254 977 1,110 Inventory 730 856 820 Prepaid expenses 127 114 120 Accounts payable 1,054 1,330 1200 Long-Term Notes Payable 2,100 1.750 1,500 REQUIRED: 1. Compute the ratios listed below for 2021 and 2020. For each 2021 ratio indicate if the ratio is favourable or unfavourable compared to the prior year. Show all work and round to two decimal places. (Note: For ratio formula sheet see page 1135 in your textbook): (6 marks) current ratio quick ratio Inventory tumover days sales uncollected 2. Compared to the prior year is Chippy's Chocolates in a botter position regarding short-term liquidity and efficiency? Provide at least 2 reasons to support your answer. (2 marks)