Psang Ltd. operates a retail operation that purchases and sells home entertainment products. The company purchases all merchandise 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 2014 through 2017, inclusive.

Instructions
(a) Calculate the missing amounts.
(b) Sales declined over the 3-year fiscal period, 2015-2017. Does that mean that profitability necessarily also declined? Explain, computing the gross profit rate and the profit margin ratio for each fiscal year to help support your answer. (Round to one decimal place.)

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2014 2015 2016 2017 Income Statement Data Sales revenue Cost of goods sold Gross profit Operating expenses Net income Statement of Financial Position Inventory Accounts payable Additional Information Purchases of merchandise £53,000 (e £46,000 (a) 13,800 14,300 38,300 35,200 35,900 (f) 28,600 £ (b) 2,500 j) £7,200 £ 8,100 (k) 3,200 3,400 2,500 inventory on account Cash payments to suppliers £14,200 £g £13,200 (h) 13,600