A summary of Pasmore Ltd.'s income statement appears as follows:
PASMORE LTD.
Income Statement
For the Year Ended March 31, 2016
Net sales ........................................... $3,600
Cost of goods sold ................................. (A)
Selling and administrative expenses ............... 855
Interest expenses .................................... (B)
Other expenses ....................................... 75
Income before taxes ................................. 500
Income tax expenses ................................... (C)
Net income ............................................. $ (D)
Use the following ratio data to complete Pasmore Ltd.'s income statement:
a. Inventory turnover was 5.50 (beginning inventory was $395, ending inventory was $375).
b. Rate of return on sales is 0.095, or 9.5 percent.