Selected accounts from the accounting records of Drake Imports at June 30, 2020, are shown in the popup. Drake Imports uses the periodic inventory system. (Click the icon to view the accounts.) Required 1. Show the computation of Drake Imports' net sales, cost of goods sold, and gross margin for the year ended June 30, 2020 Glen Drake, owner of Drake Imports, strives to earn a gross margin percentage of 41 percent. Did he achieve this goal? Did the rate of inventory turnover reach the industry average of 3.4 times per year? 2. 3. Requirement 1. Show the computation of Drake Imports' net sales, cost of goods sold, and gross margin for the year ended June 30, 2020 Begin by determining net sales, and then continue with the calculation to cost of goods sold and finally gross margin Less Net sales revenue Net sales revenue Cost of goods sold: 11 Less Net purchases Cost of goods available for sale ecc Cost of goods available for sale Less Requirement 2. Glen Drake, owner of Drake Imports, strives to earn a gross margin percentage of 41 percent. Did he achieve this goal? (Round your answer to the nearest one decimal place) Drake Imports earned a gross margin percentage of % Drake Imports Its goal of eaming of earning a gross margin percentage of 41% Requirement 3. Did the rate of inventory turnover reach the industry average of 3.4 times per year? (Round your answer to the nearest one decimal place.) The rate of inventory tumover was which the industry average of 3.4 8/12/2020 $ 28,800 Cash Purchases Freight-in Sales Revenue 206,400 6,600 374,500 3,100 Purchases Returns and Allowances 4,200 Salaries Payable Glen Drake, Capital Sales Returns and Allowances Inventory: June 30, 2019 June 30, 2020 67,300 10,750 45,900 51,100 Selling Expense 68,000 99,000 Equipment Purchase Discounts Accumulated Amortization Equipment 2.820 19.400 Sales Discounts 7.400 34,000 General Expenses Accounts Payable 29,200 Accounts Receivable 34,600