Sales revenue Store rent Store utilities Administrative costs Sales comm Merchandise purchases Transportation-in costs Merchandise inventory, March 1 Merchandise inventory, February 28 S 4,140,000 234,000 121,000 304,000 622,000 2,890,000 112,000 199,000 224,000 Issions Required: Prepare an income statement for last year with a supporting cost of goods sold statement. (Amounts to be deducted and losses should be entered with a minus sign.) UNIVERSITY ELECTRONICS Income Statement For the Year Ended February 28 $4,140,000 Sales revenue Cost of goods sold Gross margin Operating profit UNIVERSITY ELECTRONICS Cost of Goods Sold Statement For the Year Ended Feb 28 Total cost of goods purchased Cost of goods sold