University Electronics has provided the following information for last year:
Sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,000,000
Store rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,000
Store utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,000
Administrative costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000
Sales commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650,000
Merchandise purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,750,000
Transportation-in costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,000
Merchandise inventory, March 1 . . . . . . . . . . . . . . . . . . . . . . 185,000
Merchandise inventory, February 28 . . . . . . . . . . . . . . . . . . . 210,000
Required
Prepare an income statement for last year with a supporting cost of goods sold statement.