Sandhill Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Sandhills' ledger showed Cash of $9,100 and Common Stock of $9,100. May Purchased merchandise on account from Black Wholesale Supply for $9,100, terms 1/10,n/30. 2 Sold merchandise on account for $5,500, terms 2/10,n/30. The cost of the merchandise sold was $4,400. 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 $4,100. 15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. 17. Purchased merchandise from Wilhelm Distributors for $3,500, 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,n/30. 27 Paid Wilhelm Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $118. The returned merchandise had cost $98. 31 Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $794. Journalize the transactions using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered, Do not indent manually. Record journal entries in the order presented in the problem.) Post the transactions to T-accounts. Be sure to enter the beeinning cash al entries !75.) Common Stock Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold eTextbook and Media List of Accounts Prepare an income statement through gross profit for the month of May 2022. (Round answers to 0 decimal places, e.g. 5,275.) Calculate the profit margin and the gross profit rate. (Assume operating expenses were $1,331.) (Round answers to 1 decimal place, e.g. 15.5\%.) Profit margin Gross profit rate