Selected accounts from the accounting records of Boggio Security had the balances shown below at November 30, 2017. Boggio Security uses the periodic inventory system.

Purchases ................................................................................. $ 160,000

Selling Expenses........................................................................... 10,000

Furniture and Fixtures .................................................................. 40,000

Purchase Returns and Allowances............................................... 1,000

Salaries Payable.............................................................................. 1,500

Sales Revenue ............................................................................ 205,000

Sales Returns and Allowances .................................................... 1,900

Inventory: November 30, 2016 ................................................... 36,000

November 30, 2017...................................................................... 37,000

Accounts Payable ......................................................................... 9,000

Accounts Receivable.................................................................. 15,000

Cash .............................................................................................. 3,500

Freight-in....................................................................................... 1,400

Accumulated Amortization-Furniture and Fixtures.................. 16,000

Purchase Discounts ......................................................................... 1,500

Sales Discounts .............................................................................. 1,600

General Expenses ........................................................................ 22,000

Amortization Expense-Furniture and Fixtures........................... 4,000

L. Boggio, Capital ...................................................................... 81,900

L. Boggio, Withdrawals ............................................................. 20,500

Required

1. Show the computation of Boggio Security's net sales, cost of goods sold, and gross margin for the year ended November 30, 2017.

2. Len Boggio, the proprietor of Boggio Security, strives to earn a gross margin percentage of 25 percent. Did he achieve this goal?

3. Did the rate of inventory turnover reach the industry average of 3.8 times per year?