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Required information [The following information applies to the questions displayed below.] At the beginning of July, CD City has a balance in inventory of $2,650. The following transactions occur during the month of July July 3 Purchase CDs on account from Wholesale Music for $1,550, terms 2/10, n/30 July 4 Pay cash for freight charges related to the July 3 purchase from wholesale Music, $100 July 9 Return incorrectly ordered CDs to Wholesale Music and receive credit, $300. July 11 Pay Wholesale Music in full. July 12 Sell CDs to customers on account, $4,300, that had a cost of $2,250 July 15 Receive full payment from customers related to the sale on July 12 July 18 Purchase CDs on account from Music Supply for $2,350, terms 2/10, n/30 July 22 Sell CDs to customers for cash, $3,450, that had a cost of $1,750 July 28 Return CDs to Music Supply and receive credit of $150 July 30 Pay Music Supply in full. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of July. CD CITY Multiple-step Income Statement (partial) For the month of July et sales Cost of goods sold Beginning inventory 2,650 100 Add: Freight-in Less: Purchase discounts Less: Purchase returns 3,900 Add: Purchases Cost of goods available for sale ess: Ending inventory Cost of goods sold Gross profit