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 $56,875). Inventory turnover is 5 (average inventory is $6,900). Accounts receivable turnover is 8 (average accounts receivable is $6,800). . Income Statement Net sales Cost of goods sold Selling, general, and administrative expenses Income tax expense Net income 7,900 2,900