Show Attempt History Current Attempt in Progress Larkspur, 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. Your Answer Correct Answer - Your answer is partially correct. Calculate the missing amounts. 2020 2021 2022 2023 Income Statement Data Sales revenue $83,000 Cost of goods sold 28,220 $117,000 $ 30420 (a) 86,580 77.220 9360 (6) 88680 lel 28.160 60,520 57000 Gross profit 54780 53,120 Operating expenses Net income $3.520 1660 Balance Sheet Data Inventory $ 16600 ) $ 194000) $15,200 6,900 $18,000 5.700 Accounts payable 7,600 Additional Information Purchases of inventory on account 31,390 $ $29,550 Cash payments to suppliers 30,050 eTextbook and Media List of Accounts Solution Attempts: 3 of 3 used (62) Compute the gross profit rate and the profit margin for each fiscal year. (Round answers to 1 decimal place, s. 15.5%) 2021 2022 2023 se Gross profit rate Profit margin se