Question: Need help with this question 2. (20 Points) Fill out the empty cells in the Income Statement below. This income statement is for a 1-year

Need help with this question

Need help with this question 2. (20 Points) Fill out the empty

2. (20 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 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 60,000 30,000 Find the values for: a. (5 pts) Average Inventory Level b. (5 pts) Gross Profit c. (5 pts) COGS d. (5 pts) Sales

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