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 $74,500). Inventory turnover is 6 (average inventory is $6,190). Accounts receivable turnover is 8 (average accounts receivable is $7,445). Income Statement Net sales Cost of goods sold Selling, general, and administrative expenses Income tax expense Net income 7,200 3,300