Powell Street Electronics has provided the following information for February:
Sales revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 807,000
Store rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,600
Store utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,100
Administrative costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,750
Sales commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,300
Merchandise purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545,500
Transportation-in costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,200
Merchandise inventory, February 1 . . . . . . . . . . . . . . . . . . . 37,100
Merchandise inventory, February 28 . . . . . . . . . . . . . . . . . . 41,800

Required
Prepare an income statement for February with a supporting cost of goods sold statement.