Psang 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 2011 through 2014, inclusive.

Instructions
(a) Calculate the missing amounts.
(b) Sales declined over the 3-year fiscal period, 2012-2014. Does that mean that profitability necessarily also declined? Explain, computing the gross profit rate and the profit margin ratio for each fiscal year to help support your answer. (Round to one decimalplace.)

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2011 2012 2013 2014 Income Statement Data Salcs revenuc Cost of goods sold Gross profit Operating expenses Net income Balance Sheet Data Inventory Accounts payable Additional Information Purchases of merchandise $53,000 (c) $46,000 (a 13,800 14,300 38,300 35,200 35,900 (F) 28,600 $ (b) 2,500 $() $7,200 (c) 8,100 (k) 3,200 3,400 2,500 inventory on account Cash payments to suppliers $14,200 (g) $13,200 (h) 13,600