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. (a) Your answer is correct. Calculate the missing amounts. 2020 2023 2021 2022 Income Statement Data $105,000 82000 (e) $77,000 Sales revenue 26,240 26,180 28350 (a) Cost of goods sold 50820 55,760 76,650 Gross profit 49.280 52480 (A) 69,300 Operating expenses 1540 $ 3.280 $ (b) 7350 $ Net income Balance Sheet Data $16,200 $ 16570 $14,000 $ 14040 (c) 2020 2021 2022 2023 Income Statement Data Sales revenue $105,000 $ 82000 (e) $77,000 Cost of goods sold 28350 (a) 26,240 26,180 Gross profit 76,650 55,760 508200) 69,300 52480 (f) 49,280 Operating expenses Net income Balance Sheet Data $ 7350 (b) $3,280 $ 1540 Inventory $14,000 $ 14040 (c) $16,200 16570 (k) Accounts payable 6,300 7,000 5,100 4600 Additional Information 28,390 $ Purchases of inventory on account 28400 (8) $26,550 27,050 30300 (h) Cash payments to suppliers 27690 (d) e Textbook and Media List of Accounts Atte (b2) 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 e Textbook and Media e Textbook List of Accounts Attempts: 0 of 3 us Save for Later