Exercise 13-15 (Algo) 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 $80,000). Inventory turnover is 4 (average inventory is $5,000). Accounts receivable turnover is 7 (average accounts receivable is $6,000). . . Income Statement Net sales Cost of goods sold Selling general, and administrative expenses Income tax expense Net Income 7.100 2,100