0.00 DJ Revenue Sales Returns and Allowances Additional facts: 1. Merchandise inventory on December 31, 2017, is $65.000. 2. Roshek Department Store uses a periodic system 725,000 11.000 Instructions repare an income statement through gross profit for the vear ended December 31, 2017. - Val Knight operates a retail clothing operation. She purchases all merchandise Calculate missing amon inventory on credit and uses a periodic inventory system. The Accounts Pavable account and assess profitability 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 2014-2017. 2014 2015 2016 2017 Inventory (ending) $13,000 $ 11,300 $ 14,700 $ 12.200 Accounts payable (ending) 20.000 Sales revenue 239,000 237,000 235.000 Purchases of merchandise inventory on account 146,000 145,000 129,000 Cash payments to suppliers 135,000 161.000 127.000 Instructions (a) Calculate cost of goods sold for each of the 2015, 2016, and 2017 fiscal years. (b) Calculate the gross profit for each of the 2015, 2016, and 2017 fiscal vears. (c) Calculate the ending balance of accounts payable for each of the 2015, 2016, and 2017 fiscal years. (d) Sales declined in fiscal 2017. Does that mean that profitability, as measured by the gross profit rate, necessarily also declined? Explain, calculating the gross profit rate for each fiscal year to help support your answer. (Round to one decimal place.) (al 2016 1 O n payable i5.000 0.73 l the beginning of the current season, the ledger of Everett Tennis Shop showed 1 700 and Owner's Capital $4200. The following transactions Journalize post, and pre frial halana