*P5.16A (LO 5, 6) You have been provided with the following selected accounts for Feisty Ltd. for the year ended April 30, 2021: Prepare par calculate gra Inventory, May 1, 2020 $ 600,000 Interest expense $ 30,000 Purchases 5,900,000 Interest income 20,000 Accounts receivable 780,000 Accounts payable 600,000 Sales 9,050,000 Administrative expenses 810,000 Purchase discounts 40,000 Selling expenses 150,000 Freight in 120,000 Cash 160,000 Land 900,000 Common shares 200,000 Feisty conducted a physical inventory count on April 30, 2021. Inventory on hand at that date was deter mined to be $700,000. Instructions a. Prepare a partial multiple-step statement of income for the year ended April 30, 2021, through to gross profit. b. Prepare the period-end adjusting journal entry to update the Cost of Goods Sold and Inventory accounts. c. Calculate the gross profit margin. If the industry average gross profit margin is 30%, how does Feisty's gross profit margin compare?