Kayla Inc. operates a retail operation that purchases and sells home entertainment products. The company purchases all merchandise 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 2017 through 2020, inclusive.

Instructions
a. Calculate the missing amounts.
b. Sales declined over the 3-year fiscal period, 2018€“2020. Does that mean that profitability necessarily also declined? Explain, computing the gross profit rate and the profit margin (Net income ÷ Sales revenue) for each fiscal year to help support your answer. (Round to one decimal place.)

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2017 2018 2019 2020 Income Statement Data $55,000 $ $47,000 14,300 Sales revenue (e) 14,800 Cost of goods sold (a) Gross profit Operating expenses 38,300 34,900 35,200 (i) (f) 28,800 $ 2,500 Net income (b) (j) Balance Sheet Data $ 8,100 $7,200 3,200 (k) Inventory Accounts payable (c) 3,600 2,500 (1) Additional Information Purchases of merchandise inventory on account Cash payments to suppliers $14,200 $ $13,200 (g) (h) (d) 13,600 %24