Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May Winters' ledger showed Cash of $8,800 and Common Stock of $8,800. May 1 Purchased merchandise on account from Black Wholesale Supply for $7.950, terms 1/10, 1/30, 2 Sold merchandise on account for $4,600, terms 2/10, 1/30. The cost of the merchandise sold was $3,450, 5 Received credit from Black Wholesale Supply for merchandise returned $550. 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 $990. 12 Purchased merchandise for cash $3,410. 15 Received $253 refund for return of poor quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Wilhelm Distributors for $2,850, terms 2/10,n/30 19 Paid freight on May 17 purchase $275. 24 Sold merchandise for cash $6.050. The cost of the merchandise sold was $4,510 25 Purchased merchandise from Clasps Inc. for $880, terms 3/10, 1/30. 27 Paid Wilhelm Distributors in full less discount 29 Made refunds to cash customers for returned merchandise $140. The returned merchandise had cost $93. 31 Sold merchandise on account for $1.408.terms/30. The cost of the merchandise sold was 9913 Prepare an income statement through gross profit for the month of May 2017. (Round answers to decimal places, es 5,275) WINTERS HARDWARE STORE Income Statement (Partial) For the Month Ended May 31, 2017 Retained Earnings. May 1 Sales Revenue V: $ $ Calculate the profit margin and the gross profitrate. Assume operating expenses were $1,540) (Round answers to 1 decimal ploce, es. 15.5%) 96 Profit margin Gross profit rate