Using the following information, complete this income statement. Show all your solutions. No solution, no credit Inventory, January 1 Inventory, December 31 Inventory turnover (use COGS instead of sales) Operating expenses Net income 60,000 70,000 5.5 30% of sales 10% of sales Income Statement Sales Cost of goods sold Inventory, Jan. 1 Purchases Cost of goods available for sale Inventory, Dec.31 Cost of goods sold Gross profit Operating expenses Net income