Exercise 13-15 (Static) 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 $68,750). Inventory turnover is 5 (average inventory is $6,000). Accounts receivable turnover is 8 (average accounts receivable is $6,250). Net sales Cost of goods sold Income Statement Selling, general, and administrative expenses 7,000 Income tax expense 2,000 Net income