teal mountain inc

Teal Mountain 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 $89.000 $69,000 Sales revenue 23,680 23,460 (a) Cost of goods sold 62,300 51,680 Gross profit 44,160 58,740 Operating expenses $ 2,960 Net income Balance Sheet Data $13,500 $ (c) $12,200 $ Inventory A 7 SPM /2020 Statement Data Sales revenue $89,000 $ $69,000 Cost of goods sold 23,680 23,460 Gross profit 62,300 51,680 Operating expenses 58,740 44,160 Net income $ 2,960 Balance Sheet Data Inventory $12,200 $ $13,500 2 Accounts payable 5,400 6,100 4,200 e Additional Information Purchases of inventory on account 23,890 $ $22,050 Cash payments to suppliers 22.550 Compute the gross profit rate and the profit margin for each fiscal year. (Round answers to 1 decimal place, ey. 15.5%.) 2021 2022 2023 Gross profit rate Profit margin e Textbook and Media List of Accounts