Carla Vista Hardware Store completed the following mechandising transactions in the month of May. At the beginning of May, Carla Vista's ledger showed Cash of $7,800 and Common Stock of $7,800.

A. Journalize the transactions using a perpetual inventory system.

B. Post the transactions to T-accounts. Be sure to enter the beginning cash and common stock balances. (Post entries the way they are posted in part (a). Round answers to 0 decimal places.)

C. Prepare an income statement through gross profit for the month of May 2022.

D. Calculate the profit margin and gross profit rate. (Assume operating expenses were $1,512.) Round answers to 1 decimal place.

Purchased merchandise on account from Black Wholesale Supply for $7,800, terms 1/10, n/30. Sold merchandise on account for $4,200, terms 2/10, n/30. The cost of the merchandise sold was $3,100. Received credit from Black Wholesale Supply for merchandise returned $200. Received collections in full, less discounts, from customers billed on May 2 May 1 2 5 9 Paid Black Wholesale Supply in full, less discount. Purchased supplies for cash $900. 10 11 12 Purchased merchandise for cash $2,900. Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise from Wilhelm Distributors for $2,300, terms 2/10, n/30. 15 17 Paid freight on May 17 purchase $250. 19 Sold merchandise for cash $5,50o. The cost of the merchandise sold was $4,100. 24 Purchased merchandise from Clasps Inc. for $800, terms 3/10, n/30. Paid Wilhelm Distributors in full, less discount. 25 27 Made refunds to cash customers for returned merchandise $98. The returned merchandise had cost $96. Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $780. 29 31 Cash Accounts Receivable Inventory Prepare an income statement through gross profit for the month of May 2022. (Round answer CARLA VISTA HARDWARE STORE Income Statement (Partial) For the Month Ended May 31, 2022 Sales Net Sales Cost of Goods Sold Gross Profit FA 40 Calculate the profit margin and the gross profit rate. (Assume operating expenses were $1,512.) (Round answ Profit margin % Gross profit rate Click if you would like to Show Work for this question: Open Show Work