Required information Problem 6-9B Record transactions and prepare a partial income statement using a periodic inventory system (LO6-8) [The following information applies to the questions displayed below.] At the beginning of June, Circuit Country has a balance in inventory of $2,750. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,450, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $350. June 8 Return defective radios to Radio World and receive credit, $200. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4,500, that had a cost of $2,950. June 18 Receive payment on account from customers, $3,500. June 20 Purchase radios on account from Sound Unlimited for $3,550, terms 2/10, n/30. June 23 Sell radios to customers for cash, $5,050, that had a cost of $3,350. June 26 Return damaged radios to Sound Unlimited and receive credit of $300. June 28 Pay Sound Unlimited in full. Problem 6-9B Part 3 3. Prepare the top section of the multiple-step income statement through gross profit for the month of June. CIRCUIT COUNTRY Multiple-step Income Statement (partial) For the month of June Net sales Cost of goods sold: Beginning inventory Cost of goods available for sale Cost of goods sold