Return to question At the beginning of July, CD City has a balance in inventory of $3,150. The following transactions occur during the month of July July 3 Purchase CDs on account from Wholesale Music for $2,050, terns 2/10, 1/30. July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, 5120. July 9 Return incorrectly ordered CDs to Wholesale Music and receive credit, $200. July 11 Pay Wholesale Music in full. July 12 Sell CDs to customers on account, $5,300, that had a cost of $2,750. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,850, terns 2/10, 1/30. July 22 Sell CDs to customers for cash, $3,950, that had a cost of $2,250. July 28 Return CDs to Music Supply and receive credit of $250. July 30 Pay Music Supply in full. 2. Prepare the top section of the multiple-step income statement through gross profit for the month of July, Answer is not complete. CD CITY Multiple-stop Income Statement (partial) For the month of July Net Sales Cost of Goods Sold Sales Revenue X Gross Profit -5,000 9,250 4,250