Selected accounts from the accounting records of Burke Imports at September 30, 2017, are shown below. Burke Imports uses the periodic inventory system.

Cash .......................................................................................... $28,600

Purchases ................................................................................. 206,200

Freight-in .................................................................................... 6,200

Sales Revenue ......................................................................... 376,400

Purchases Returns and Allowances ........................................... 3,200

Salaries Payable ........................................................................ 4,400

Glen Burke, Capital ................................................................ 66,800

Sales Returns and Allowances................................................ 10,600

Inventory: September 30, 2016 .............................................. 46,200

September 30, 2017 ................................................................ 51,400

Selling Expense....................................................................... 68,400

Equipment ............................................................................... 96,000

Purchase Discounts ................................................................... 2,730

Accumulated Amortization-Equipment.............................. 19,200

Sales Discounts........................................................................ 7,200

General Expenses ................................................................... 37,000

Accounts Payable ................................................................... 29,400

Accounts Receivable.............................................................. 34,400

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, 2017.

2. Glen Burke, owner of Burke Imports, strives to earn a gross margin percentage of 40 percent. Did he achieve this goal?

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