Exercise 13-14 Reconstructing an income statement with ratios LO P3 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 16% (average total assets is $53,750). Inventory turnover is 5 (average inventory is $6,400). Accounts receivable turnover is 8 (average accounts receivable is $6,300). Net sales Income Statement Cost of goods sold Selling, general, and administrative expenses 7,400 Income tax expense 2,400 Net income