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Metlock, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all inventory on credit and uses a
Metlock, 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. Calculate the missing amounts. 2020 2021 2022 2023 Income Statement Data Sales revenue $77000 $ (e) $65000 Cost of goods sold 21760 21420 Gross profit 56980 46240 Operating expenses 50820 40320 Net income (b) $ 2720 Balance Sheet Data Inventory $11000 $ $11700 Accounts payable 4800 5500 3600 Additional Information Purchases of inventory on account 20890 $ $19050 Cash payments to suppliers 19550 e Textbook and Media List of Accounts 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 eTextbook and Media List of Accounts
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