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Skysong, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products....

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Accounting

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Skysong, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2020 through 2023, inclusive.
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(62) Compute the gross profit rate and the profit margin for each fiscal year. (Round answers to 1 decimal place, e.g. 15.5%) 2021 2022 2023 Gross profit rate Profit margin 2020 2021 2022 2023 Income Statement Data $ $77,000 Sales revenue $105,000 28350 (a) 26,180 Cost of goods sold 76,650 82000 (e) 26,240 55,760 52480 $ 3.280 50820 Gross profit 49280 Operating expenses 69,300 15400 7350 (b) Net income Balance Sheet Data 16570 $ $16,200 (K $ (c) Inventory $14.000 6,300 14040 7.000 5.100 4600D Accounts payable Additional Information 28400 (8) $26.550 Purchases of inventory on account 28,3905 27690 (d) 27050 30300 h Cash payments to suppliers

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