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*Problem 5-8A Skysong, 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 2015 through 2018, inclusive. Calculate the missing amounts. Income Statement Data Sales revenue Cost of goods sold Gross profit Operating expenses Net income Balance Sheet Data Inventory Accounts payable Additional Information Purchases of inventory on account Cash payments to suppliers 2015 $17,680 7,888 2016 $131,770 92,208 86,550 b) c) 8,840 35,210 2017 e) 38,162 81,083 $ 4,774 $19,992 6,256 g) Compute the gross profit rate and the profit margin for each fiscal year. 2017 2016 Gross profit rate (Round to 2 decimal places, 2018 $111,819 36,026 71,903 $32,708 33,524 2018 e.g. 15.50%.) Profit margin (Round to 2 decimal places, e.g. 15.30%.) Wiley & Sons. inc. or related companies. All rights reserved. Question Attempts: O of 2 us'