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Your answer is partially correct. Prepare an income statement through gross profit for the month of May 2017 (Round answers to decimal places, eg: 5.275J WINTERS HARDWARE STORE Income Statement (Partial) For the Month Ended May 31, 2017 Sales Sales RA Discounts Sales Returns and Allowances et les Cost of Goods Sold Gros Proht e Textbook and Media List of Accounts Current Attempt in Progress 2 5 Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters' ledger showed Cash of $10,400 and Common Stock of $10,400 May 1 Purchased merchandise on account from Black Wholesale Supply for 58,050, terms 1/10./30. Sold merchandise on account for $4,400, terms 2/10./30. The cost of the merchandise sold was $3,300. Received credit from Black Wholesale Supply for merchandise returned 5350 Received collections in full less discounts, from customers billed on May 2 Paid Black Wholesale Supply in full, less discount Purchased supplies for cash $1,170. Purchased merchandise for cash $4,030 15 Received 299 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise from Wilhelm Distributors for $2,350 terms 2/10, 1/30 Paid freight on May 17 purchase $325 Sold merchandise for cash $7.150. The cost of the merchandise sold was $5,330 25 Purchased merchandise from Clasps Inc. for $1,040, terms 3/10,n/30. Paid Wilhelm Distributors in full, less discount Made refunds to cash customers for returned merchandise $135. The returned merchandise had cost $91 31 Sold merchandise on account for $1,664 terms 1/30. The cost of the merchandise sold was $1,079, 9 10 11 12 17 19 24 27 29