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2. (20 Points) Fill out the empty cells in the Income Statement below. This income statement is for a 1-year period. Here is what you know: The Gross Profit Margin is 50%. The Beginning Inventory and Ending Inventory are equal. The company has 10 inventory turns per year. Neglect interest and taxes. Income Statement (Jan 1 - Dec 31) Sales COGS Gross Profit Operating Expenses Net Profit 60,000 30,000 Find the values for: a. (5 pts) Average Inventory Level b. (5 pts) Gross Profit c. (5 pts) COGS d. (5 pts) Sales