3. Use the information below to provide compute Gross Profit using the expanded multi-step income statement. Then, calculate inventory turnover and days in inventory. Cost of Goods $212,000 Freight-out $7,000 Insurance Expense $6,000 Salaries & Wages Exp. $53,000 Beginning Inventory $35,800 Rent expense Sales discounts Sales returns & allowances Sales revenue Ending Inventory $32,000 $8,000 $13,000 $360,000 $41,200