Tesla, Inc.

Category	Amount
Beginning Inventory	$1,500,000
Purchases	$8,000,000
Ending Inventory	$2,000,000
Net Sales	$12,000,000
Operating Expenses	$3,500,000

Requirements:

1. Create the Cost of Goods Sold (COGS) statement.
2. Determine the Gross Profit.
3. Calculate the Inventory Turnover Ratio.
4. Draft a partial Income Statement showing Net Sales, COGS, and Gross Profit.
5. Analyze the impact of Inventory Turnover Ratio on Tesla's production efficiency.