Intel Corporation

Category	Amount
Beginning Inventory	$4,300,000
Purchases	$12,500,000
Ending Inventory	$4,700,000
Net Sales	$20,000,000
Operating Expenses	$6,000,000

Requirements:

1. Prepare the Cost of Goods Sold (COGS) statement.
2. Calculate the Gross Profit.
3. Compute the Inventory Turnover Ratio.
4. Draft a partial Income Statement showing Net Sales, COGS, and Gross Profit.
5. Discuss how Intel's inventory turnover ratio affects its technological advancements and market competition.