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 15% (average total assets is $80,000). Inventory turnover is 6 (average inventory is $6,150). Accounts receivable turnover is 9 (average accounts receivable is $6,600). B Income Statement Net sales Cost of goods sold Selling, general, and administrative expenses Income tax expense Net income 8,000 2,500

Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional info Nitation follows: - Return on total assets is 15% (average total assets is $80,000 ). - Inventory turnover is 6 (average inventory is $6,150 ). - Accounts recelvable turnover is 9 (average accounts receivable is $6,600 )