Wolford Interiors reported the following transactions in June

{Requirements}
1. Record the transactions for the month of June assuming the periodic inventory system is used.
2. Prepare a partial income statement through gross profit for the month ending June 30, 2020.
3. Assume it is the company's year-end. Prepare the end-of-period entries to update inventory and record cost of goods sold.
4. Assume last month's gross profit percentage was \(35 \%\). Calculate the gross profit percentage for the month of June. Has this improved or declined in June? What likely accounts for this change?

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June 3 Sold merchandise on account to Maxine Holder, $1,000, terms 2/10, n/30. The cost of goods sold is $550. 5 Sold merchandise on account to Alexis Pinney, $2,600, terms 2/10, n/30. Cost of goods sold is $1,352. 8 Bought $1,800 of merchandise inventory on account. Paid $100 for the freight fee on the inventory. 10 13 14 16 24 Collected payment from Maxine Holder for the June 3 sale. Alexis Pinney returned $500 of the merchandise bought on June 5. Collected payment from Alexis Pinney for the balance of the June 5 sale. Returned $100 of inventory that was defective from the June 8 purchase. Paid the account payable from the June 8 purchase. 30 A physical count indicated that Wolford Interiors had $300 in ending inventory. The balance in beginning inventory was $350