Skysong, 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.

(62) 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 2020 2021 2022 2023 Income Statement Data $ $77,000 Sales revenue $105,000 28350 (a) 26,180 Cost of goods sold 76,650 82000 (e) 26,240 55,760 52480 $ 3.280 50820 Gross profit 49280 Operating expenses 69,300 15400 7350 (b) Net income Balance Sheet Data 16570 $ $16,200 (K $ (c) Inventory $14.000 6,300 14040 7.000 5.100 4600D Accounts payable Additional Information 28400 (8) $26.550 Purchases of inventory on account 28,3905 27690 (d) 27050 30300 h Cash payments to suppliers