Exercise 17-14 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). Income Statement Net sales Cost of goods sold Selling, general, and administrative expenses Income tax expense Net Income 7,400 2,400