Calculate the missing amounts

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Reference no: EM131031246

I have completed what I c an I am having a very difficult time with inventory if you could break down the equation to inventory it would be greatly appreciated.

Alana 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. Calculate the missing amounts.

   

2011

 

2012

   

2013

   

2014

   

Income Statement Data

                       

Sales revenue

     

$55,770

   

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(e)

 

$47,250

   

Cost of goods sold

     

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(a)

 

13,430

   

14,240

   

Gross profit

     

38,880

   

35,920

   

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(i)

 

Operating expenses

     

35,200

   

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(f)

 

28,150

   

Net income

     

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(b)

 

3,870

   

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(j)

 

Balance Sheet Data

                       

Inventory

 

$7,640

 

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(c)

 

$9,220

   

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(k)

 

Accounts payable

 

3,240

 

3,580

   

2,320

   

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(l)

 

Additional Information

                       

Purchases of merchandise inventory on account

     

$14,100

   

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(g)

 

$13,710

   

Cash payments to suppliers

     

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(d)

 

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(h)

 

13,910

   

Compute the gross profit rate and the profit margin for each fiscal year. (Round answers to 1 decimal places, e.g. 10.5%.)

   

2012

 

2013

 

2014

 

Gross profit rate

 

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%

 

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%

 

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%

 

Profit margin

 

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%

 

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%

 

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%

 

Reference no: EM131031246

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