*P5.7 (LO 7) Writing Fons Apparel, a retail clothing operation, purchases all merchandise inven tory 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 2017 through 2020. inclusive. 2017 Inventory (ending) 13,000 2018 11,300 2019 2020 14,700 12,200 Accounts payable (ending) 20,000 Sales revenue 225,700 240,300 235.000 Purchases of merchandise inventory on account 141,000 150,000 132,000 Cash payments to suppliers 135,000 161,000 127,000 Instructions a. Calculate cost of goods sold for each of the 2018, 2019, and 2020 fiscal years. b. Calculate the gross profit for each of the 2018, 2019, and 2020 fiscal years. c. Calculate the ending balance of accounts payable for each of the 2018, 2019, and 2020 fisca years. d. Sales declined in fiscal 2020. 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 sup port your answer. (Round to one decimal place.)