Attempt in Progress

Crane Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the companys fiscal year on November 30, 2022, these accounts appeared in its adjusted trial balance.

Accounts Payable $ 73,200 Accounts Receivable47,700 Accumulated DepreciationEquipment190,400 Cash22,400 Common Stock98,000 Cost of Goods Sold1,707,750 Freight-Out18,230 Equipment445,100 Depreciation Expense38,900 Dividends33,600 Gain on Disposal of Plant Assets5,600 Income Tax Expense28,000 Insurance Expense25,200 Interest Expense14,000 Inventory72,900 Notes Payable121,800 Prepaid Insurance16,800 Advertising Expense93,800 Rent Expense95,200 Retained Earnings39,300 Salaries and Wages Expense332,220 Sales Revenue2,531,000 Salaries and Wages Payable16,800 Sales Returns and Allowances56,000 Utilities Expense28,300 -----------------------------------

Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022.

(in millions)

2020

2021

2022

Beginning inventory

$1,800$2,200$2,500

Ending inventory

2,2002,5002,600

Cost of goods sold

15,00017,39017,085

Sales revenue

40,00044,70044,610

(b) Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, eg. 15.2%) % Profit margin % Gross profit rate e Textbook and Media List of Accounts Attempts: 0 of 5 used Submit Answer (c) X Your answer is incorrect. Calculate the gross profit rate for 2020, 2021, and 2022. (Round gross profit rate to 1 decimal place, eg. 5.1%) 2020 2021 2022 % 7.5 7.4 % 6.7 96 Gross proftrate e Textbook and Media