P5-9B The accounting records of Vanguard Security Systems at June 30, 20X2 list the fol- lowing: Cash Purchases of inventory. Freight in $ 13,600 98,100 4,300 Inventory: June 30, 20X1. $23,800 June 30, 20X2 28,500 Equipment.. 44.700 Sales revenue. 199,100 Purchase discounts... 1,300 Purchase returns Accumulated depreciation- and allowances. 1,400 equipment... 6.900 Salary payable.. 1.800 Sales discounts. 3.400 Luke Stover, capital... 36,000 General expenses. 16.300 Sales returns and allowances... 12,100 Accounts payable. 23.800 Selling expenses.... 29,800 Required 1. Show the computation of Vanguard Security Systems' net sales, cost of goods sold, and gross profit for the year ended June 30, 20X2. Compute cost of goods sold as in the peri- odic inventory system. 2. Luke Stover, owner of the business, strives to earn a gross profit percentage of 44%. Did he achieve this goal? 3. Did the rate of inventory turnover reach the industry average of 4.0 times per year?