Selected accounts from the accounting records of Burke Imports at September 30, 2023, are shown below. Burke Imports uses the periodic inventory system

Required

1. Using the financial statement format as a guide only, show the computation of Burke Imports’ net sales, cost of goods sold, and gross margin for the year ended September 30, 2023.

2. Glen Burke, owner of Burke Imports, strives to earn a gross margin percentage of 41.5 percent. Did he achieve this goal?

3. Did the rate of inventory turnover reach the industry average of 3.4 times per year?

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Cash.............. Purchases....... Freight-in........... Sales Revenue ....... Purchases Returns and Allowances... Salaries Payable......... Glen Burke, Capital.. Sales Returns and Allowances......... Inventory: September 30, 2022. Inventory: September 30, 2023. Selling Expenses........ Equipment............. $ 28,600 206,200 6,200 376,400 3,200 4,400 66,800 10,600 46,200 51,400 68,400 96,000