21 Following is an incomplete current-year income statement Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 15% (average total assets is $86,000) Inventory turnover is 5 (average inventory is $6,700) Accounts receivable turnover is 8 (average accounts receivable is $7,700) 014 oints Answer is not complete. Income Statement Net sales Cost of goods sold Selling, general, and administrative expenses 8,800 Income tax expense 3,800 Net income 25,800