Ivanhoe Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Ivanhoes' ledger showed Cash of $7,300 and Common Stock of $7,300. May 1 Purchased merchandise on account from Black Wholesale Supply for $7,300, terms 1/10, 1/30. 2 Sold merchandise on account for $3,700, terms 2/10, 1/30. The cost of the merchandise sold was $2,600. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount. 11 Purchased supplies for cash $900. 12 Purchased merchandise for cash $2,400. 15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Wilhelm Distributors for $1,800, terms 2/10,n/30. 19 Paid freight on May 17 purchase $250. 24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. 25 Purchased merchandise from Clasps Inc. for $800, terms 3/10, 1/30. 27 Paid Wilhelm Distributors in full, less discount 29 Made refunds to cash customers for returned merchandise $118. The returned merchandise had cost $86. 31 Sold merchandise on account for $1.280, terms n/30. The cost of the merchandise sold was $905. con cast purchase. Date Accounts and panden (To recorded sale) (To record of medades To record cont of merchandise (To record payment for returned med Cardosofoamed To concrete Poster s to creo encore begrung and common Soccer Cash Accounts Receivable CLICULPUJUHUJOU T UU Accounts Payable Common Stock Sales Revenue Sales Returns and Allowances Cost of Goods Sold Prepare an income statement through gross profit for the month of May 2022. mesto di S2 IVANHOE HARDWARE STORE Income Statement (Partial) e Textbook and Media List of Accounts Calculate the profit margin and the gross proftrate. Assume operating expenses were $1329) [Round answers to 1 decimal place, az 15 Profit margin Gross profit rate e Textbook and Media List of Accounts