Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters' ledger showed Cash of exist8,000 and Common Stock of exist8,000. May 1 Purchased merchandise on account from Black Wholesale Supply for exist8,000, terms 1/10, n/30. 2 Sold merchandise on account for exist4, 400, terms 2/10, n/30. The cost of the merchandise sold was exist3, 300. 5 Received credit from Black Wholesale Supply for merchandise returned exist200. 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 exist900. 12 Purchased merchandise for cash exist3, 100. 15 Received exist230 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Wilhelm Distributors for exist2, 500, terms 2/10, n/30. 19 Paid freight on May 17 purchase exist250. 24 Sold merchandise for cash exist5, 500. The cost of the merchandise sold was exist4, 100. 25 Purchased merchandise from Clasps Inc. for exist800, terms 3/10, n/30. 27 Paid Wilhelm Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise exist124. The returned merchandise had cost exist90. 31 Sold merchandise on account for exist 1, 280, terms n/30. The cost of the merchandise sold was exist830. Winters Hardware's chart of accounts includes Cash, Accounts Receivable, Inventory, Supplies, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, Sales Discounts, and Cost of Goods Sold. Journalize the transactions using a perpetual inventory system. (b) Post the transactions to T-accounts. Be sure to enter the beginning cash and common stock balances. (c) Prepare an income statement through gross profit for the month of May 2017. (d) Calculate the profit margin and the gross profit rate. (Assume operating expenses were exist1, 400