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Exercise $6-21($Algo$)$ Complete the accounting cycle using inventory transactions $($LO$6-2,6-3,6-5,6-6,67)$

On January $1,2024,$ the general ledger of Big Blast Fireworks includes the following account balances:

The $\backslash (\backslash$$ $48,000\backslash )$ beginning balance of inventory consists of $480$ units, each costing $\backslash (\backslash$$ $100\backslash ).$ During January $2024,$ Big Blast Fireworks had the following inventory transactions:

January $3$ Purchase $1,650$ units for $\backslash (\backslash$$ $183,150\backslash )$ on account $(\backslash (\backslash$$ $111\backslash )$ each$).$

January $8$ Purchase $1,750$ units for $\backslash (\backslash$$ $203,000\backslash )$ on account $(\backslash (\backslash$$ $116\backslash )$ each$).$

January $12$ Purchase $1,850$ units for $\backslash (\backslash$$ $223,850\backslash )$ on account $(\backslash (\backslash$$ $121\backslash )$ each$).$

January $15$ Return $190$ of the units purchased on January $12$ because of defects.

January $19$ Sell $5,400$ units on account for $\backslash (\backslash$$ $810,000\backslash ).$ The cost of the units sold is determined using a FIF$0$ perpetual inventory system.

January $22$ Receive $\backslash (\backslash$$ $793,000\backslash )$ from customers on accounts receivable.

January $24$ Pay $\backslash (\backslash$$ $580,000\backslash )$ to inventory suppliers on accounts payable.

January $27$ Write off accounts receivable as uncollectible, $\backslash$$$2,700.$

January $31$ Pay cash for salaries during January, $\backslash$$$137,000.$

The following information is available on January $31,2024.$

ercise $6-21($Algo$)$ Part $44.$ Prepare a multiple$-$step income statement for the period ended January $31,2024.$

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