You have been provided with the following selected accounts for Feisty Ltd. for the year ended April 30, 2018:

Feisty conducted a physical inventory count on April 30, 2018. Inventory on hand at that date was determined to be $700,000.
Instructions
(a) Prepare a partial multiple-step income statement for the year ended April 30, 2018, through to gross profit.
(b) Prepare the period-end adjusting journal entry to update the Cost of Goods Sold and Merchandise Inventory accounts.
(c) Calculate the gross profit margin. If the industry average gross profit margin is 30%, how does Feisty's gross profit margin compare?

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Inventory, May 1, 2017 Purchases Accounts receivable Sales Purchase discounts Freight in Land Sales returns and allowances $600,000 Interest expense 5,900,00o Interest income $30,000 20,000 600,00o 9,300,00o Administrative expess 810,000o 150,000 160,000 200,00O 780,000 Accounts payable 40,000 Selling expenses 120,000 Cash 900,00o Common shares 250,ooo