Ana Lucia operates a retail clothing operation. She 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 2009?2012.

Instructions(a) Calculate cost of goods sold for each of the 2010, 2011, and 2012 fiscal years.(b) Calculate the gross profit for each of the 2010, 2011, and 2012 fiscal years.(c) Calculate the ending balance of accounts payable for each of the 2010, 2011, and 2012 fiscal years.(d) Sales declined in fiscal 2012. Does that mean that profitability, as measured by the gross profit rate, necessarily also declined? Explain, calculating the gross profit rate for each fiscal year to help support your answer.

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2009 2010 $ 11.300 2011 2012 Inventory (ending) Accounts payable (ending) Sales revenue Purchases of merchandise inventory on account Cash payments to suppliers $ 12,200 $13,000 $ 14,700 239,000 235,000 237,000 146,000 145,000 129.000 127,000 135,000 161,000