You have been provided with the following selected accounts for Feisty Ltd. for the year ended April 30, 2012:

Feisty conducted a physical inventory count on April 30, 2012. Inventory on hand at that date was determined to be $700,000.
Instructions
(a) Prepare a partial multiple-step income statement for the year ended April 30, 2012, through to gross profit.
(b) Calculate the gross profit margin. If the industry average gross profit margin is 30%, how does Feisty's gross profit margin compare?

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Interest expense Interest income Inventory, May 1, 2011 Purchases Accounts receivable Sales Purchase discounts Freight in Land Sales returns and allowances $ 30,000 20,000 600,000 810,000 150,000 160,000 200,000 $ 600,000 5,900,000 780,000Accounts payable 9,300,000 40,000 120,000 900,000 250,000 Administrative expenses Selling expenses Cash Common shares