Apple Inc. provided the following financial information for the fiscal year ending September 2023:

• Beginning Inventory: $2,500,000
• Purchases: $9,500,000
• Ending Inventory: $3,000,000
• Net Sales: $15,000,000
• Operating Expenses: $4,200,000

Requirements:

1. Prepare the Cost of Goods Sold (COGS) statement.
2. Calculate the Gross Profit.
3. Compute the Inventory Turnover Ratio.
4. Prepare a partial Income Statement showing Net Sales, COGS, and Gross Profit.
5. Discuss the implications of the Inventory Turnover Ratio for Apple's inventory management.