L Transactions Apr. 3 Sold merchandise on account to Elisa Birch, $2,100, terms 5/10, n/30. 5 Sold merchandise on account to Amelia Orchard, $1,700, terms 2/10, n/30. 8 Bought $1,475 of merchandise inventory on account. Paid $135 for the freight fee on the inventory 10 Collected payment from Elisa Birch for the April 3 sale. 13 Amelia Orchard returned $1,200 of the merchandise bought on April 5. 14 Collected payment from Amelia Orchard for the balance of the April 5 sale 15 Returned $45 of inventory that was defective from the April 8 purchase. 26 Paid the account payable from the April 8 purchase. 30 Physical count indicated that Bold Interiors had $350 in ending inventory. The balance in beginning inventory is $500. Requirement 2. Prepare a partial income statement through gross profit for the month ending April 30, 2020. Start by filling out the heading of the financial statement that will tell the company about the results of operations for the month. (Use a minus sign or parentheses for numbers to be subtracted.) Bold Interiors Income Statement (Partial) For the month of April 30, 2020 Net sales revenue Cost of goods sold: Goods available for sale Cost of goods sold Gross profit Beginning inventory Ending inventory Freight-in Net income Purchases Purchase returns Sales discount Sales returns Requit r-en Sales revenue Jou Total expenses Requirement 4. Assume last month's gross profit percentage was 32%. Has this improved or declined in April? What likely accounts for this change? The gross profit percentage is 31.0 %. (Enter the gross profit as a percentage rounded to one decimal place, X.X.) The gross profit percentage has declined from last month. What likely accounts for this change? O A. Sales revenue may have decreased, or cost of goods sold may have increased, or both since last month. B. Sales revenue may have increased, or cost of goods sold may have decreased, or both since last month. O C. Sales revenue may have increased, or ending inventory may have increased. OD. Sales revenue may have decreased, or common expenses may have increased