Toyota Motor Corporation

Category	Amount
Beginning Inventory	$8,700,000
Purchases	$24,000,000
Ending Inventory	$8,200,000
Net Sales	$38,000,000
Operating Expenses	$11,200,000

Requirements:

1. Create the Cost of Goods Sold (COGS) statement.
2. Determine the Gross Profit.
3. Calculate the Inventory Turnover Ratio.
4. Prepare a partial Income Statement showing Net Sales, COGS, and Gross Profit.
5. Evaluate how Toyota's inventory turnover ratio impacts its lean manufacturing principles and operational efficiency.