Tesla, Inc.

Item	Amount
Beginning Inventory	$4,200,000
Purchases	$15,000,000
Ending Inventory	$5,000,000
Net Sales	$25,000,000
Operating Expenses	$6,800,000

Requirements:

1. Develop the Cost of Goods Sold (COGS) statement.
2. Calculate the Gross Profit.
3. Determine the Inventory Turnover Ratio.
4. Construct a partial Income Statement showing Net Sales, COGS, and Gross Profit.
5. Evaluate how Tesla's inventory turnover ratio impacts its production cycle and innovation strategy.