(LO 2-2) 2-40. Prepare Statements for a Merchandising Company Hill Street Electronics has provided the following information for last year: Sales revenue Store rent. Store utilities Administrative costs. Sales commissions Merchandise purchases. Transportation-in costs. Merchandise inventory, March 1 Merchandise inventory, February 28 $8,000,000 440,000 270,000 580,000 1,300,000 5,500,000 210,000 370,000 420,000 Required Prepare an income statement for last year with a supporting cost of goods sold statement.