The following items were taken from the December 31, 2013, records of Speedy Boat Company, which uses a periodic inventory system Salary payable $1,100 Sales revenue 480,000 Interest revenue 3,000 Freight in 20,000 Beginning inventory 35,000 Sales discounts 18,000 Purchases of inventory 240,000 Purchase returns and allowances 35,000 Purchase discounts 10,000 Sales returns and allowances 35,000 Ending inventory 80,000 Operating expenses 85,000 Interest expense 7,000 Owner withdrawals 12,000 Instruction Based on the above information 1 Multi step income statement 2. Gross margin percentage and the inventory turnover ratio for Speedy Boat Company 3. Comment on the effect that an increasing inventory turnover has on a business