Partial Income Statement-Periodic System LaPine Company has the following account balances as of December 31, 2017: Inventory, January 1 Net sales Transportation-in Inventory, December 31 Net purchases $4,000 78,300 1,000 3,800 28,800 Required: Prepare a partial income statement for LaPine Company for 2017 through arnss nrmfit Required: Prepare a partial income statement for LaPine Company for 2017 through gross profit. LaPine Company Income Statement (partial) For the Year Ended December 31, 2017 Gross sales Cost of goods sold: Beginning inventory 4,000 Net purchases Calculate LaPine's gross profit ratio for 2017. If required, round your answer to one decimal place