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Transcription of this question: 2.EnjuiceEnjuice produces canned juices. The market for canned juices is very competitive. Eachcan is sold at $8. Enjuice’s profit margins are falling. The marketing manager has conductedprimary market research and suggested increasing advertising to increase sales. In 2018Enjuice sold 360 000 cans.Table 1: Selected financial information for 2018 (all figures in $000s)Administration expensesCost of goods soldCurrent assetsCurrent liabilitiesDebtorsDividendsInterestMarketing expensesSales revenueTax24401204014x[Source:@ International Baccalaureate Organization 2019](a)(b)(c)State two methods of primary market research.Using the information provided above and in Table 1 •(i) calculating X and Y, construct a profit and loss account for Enjuice;(ii) calculate the gross profit margin (no working required).Explain one strategy that Enjuice could use to increase its gross profit margin.