Gross margin Operating profit Revenues Income tax rate $ 180,000 $ 58,000 $ 625,000 32 Required: (a) Compute the cost of services sold. (b) Compute the total marketing and administrative costs. (c) Compute net income. BI YA - A - IX E 33 13 x x - D R N V Nov 11 12pt The following data are taken from the financial statements: Current Preceding Year Year $3,600,000 $4,000,000 Sales Cost of goods sold 2,000,000 2,700,000 Average inventory 372,000 352,000 Inventory, end of year 372,000 347,000 (a) Determine for each year (1) the inventory turnover, round answer to one decimal place. (2) the number of days' sales in inventory. Round intermediate calculations to whole numbers and final answers to two decimal places. (b) Comment on the favorable and unfavorable trends revealed by the data