uverstatement. o inventory turnover and days' sales in inventory rted R6-25 Computing the following income statement for the year ended December 31 follo Calm Day reported 2019 CALM DAY Income Statement Year Ended December 31, 2019 Net Sales Revenue Cost of Goods Sold: $ 128,000 Beginning Merchandise inventory Net Cost of Purchases Cost of Goods Available or Sale Less: Ending Merchandke inventory Cost of Goods Sold 9,000 62,000 71,000 12,200 Gross Profit Operating Expenses Net Income 58,800 9,200 41,600 $ 27,600