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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

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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 $70,000 ). - Inventory turnover is 5 (average inventory is $6,040 ). - Accounts receivable turnover is 8 (average accounts receivable is $6,350 )

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