Item	Amount
Beginning Inventory	$780,000
Purchases	$940,000
Ending Inventory	$790,000
Sales	$7,000,000
Sales Returns and Allowances	$160,000
Freight-In	$280,000
Purchase Discounts	$140,000
Purchase Returns and Allowances	$76,000

Calculate the following:

1. Cost of Goods Sold (COGS)
2. Gross Profit
3. Net Sales
4. Gross Profit Percentage (Gross Profit as a percentage of Net Sales)
5. Inventory Turnover (Cost of Goods Sold divided by Average Inventory)
6. Average Inventory