Question: How to solve the cost of goods avaliable in the income ststement? At the beginning of July, CD City has a balance in inventory of

How to solve the cost of goods avaliable in the income ststement?
At the beginning of July, CD City has a balance in inventory of $3,300. The following transactions occur during the month of July.
July 3 Purchase CDs on account from Wholesale Music for $2,200, terms 110,n30.
July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $120.
July 9 Return incorrectly ordered CDs to Wholesale Music and receipt of credit, $200.
July 11 Pay Wholesale Music in full.
July 12 Sell CDs to customers on account, $5,600, that had a cost of $2,900.
July 15 Receive full payment from customers related to the sale on July 12.
July 18 Purchase CDs on account from Music Supply for $3,000, terms 110,n30.
July 22 Sell CDs to customers for cash, $4,100, that had a cost of $2,400.
July 28 Return CDs to Music Supply and receive credit of $280.
July 30 Pay Music Supply in full.
Required:
Assuming that CD City uses a periodic inventory system, record the transactions.
Record the month-end adjusting entry to inventory, assuming that a final count reveals ending inventory with a
Required 1
Prepare the top section of the multiple-step income statement through gross profit for the month of July.
\table[[CD CITY],[Multiple-Step Income Statement (partial)],[For the Month of July],[Net sales,,$,9,700],[Cost of goods sold:],[Beginning inventory,3,300,,],[Add: Purchases,5,200,,],[Add: Freight-in,120,,],[Less: Purchase returns,480,,],[Less: Purchase discounts,20,,],[,0,,],[Cost of goods available for sale,2,480,,],[Less: Ending inventory,2,820,,],[Cost of goods sold,,,5,300],[Gross profit,,$,0
How to solve the cost of goods avaliable in the

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