Question: 3. (15 Points) Fill out the empty cells in the Income Statement below. This income statement is for a 1-year period. Here is what you

3. (15 Points) Fill out the empty cells in the Income

3. (15 Points) Fill out the empty cells in the Income Statement below. This income statement is for a 1-year period. Here is what you know: The Gross Profit Margin is 75%. The Beginning Inventory and Ending Inventory are equal. The company has 5 inventory turns per year. Income Statement (Jan 1 - Dec 31) Sales (3 pts) Beginning Inventory (3 pts) Ending Inventory (3 pts) COGS (3 pts) Gross Profit (3 pts) Expenses 300,000 Net Profit 300,000

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