Kingbird, 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. (a) Your Answer Correct Answer Your answer is correct Calculate the missing amounts 17 2020 2021 2022 2023 $115.000 5 07.000 $84.000 3160 27,840 27.880 33.950 59.180 75.900 3240 2020 2021 2022 Income Statement Data Sales revenue $115,000 87.000 (e) Cost of goods sold 31050 (a) a) 27.840 Gross profit 83,950 59,160 Operating expenses 75.900 55,680 () Net Income 8.050 (b) $ 3.480 Balance Sheet Data Inventory $15.000 $ 14,840 (a $17,700 Accounts payable 6.800 7.500 5,600 Additional Information Purchases of inventory on account 30,890 30700 ( Goch payments to suppliers 30.190 (di 32.600 th 2020 2021 2022 2023 $115.000 87,000 (e) $84.000 31050 (a) 27,840 27.880 83.950 59,160 56,120 (1 75.900 55,680 (6) 52.480 $ 8,050 (6) $ 3.480 $ 3,640 0 $15,000 S 14.840 (c) $17.700 $ VA 18.870 (R) 6.800 7.500 5.600 5.100 (1) 30,890 $ 30,700 Ke $29,050 30390 9 32.600 th 29.550 (62) Compute the gross profit rate and the profit margin for each fiscal year. (Round answers to 1 decimal place, eg. 15.5%) 2021 2022 2023 Gross profit rate D 96 96 96 Profit margin 98 9 96