$\backslash$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,$$,$$ $0**$