Question: 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

Fill out the empty cells in the Income Statement below. This income

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 50%. The Beginning Inventory and Ending Inventory are equal. The company has 10 inventory turns per year. Neglect interest and taxes. Income Statement (Jan 1 - Dec 31) Sales COGS Gross Profit Operating Expenses Net Profit Find the values for: a. (5 pts) Average Inventory Level 60,000 30,000

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