University 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 4.200.000 240.000 115 000 310.000 610.000 2.950.000 115.000 205 000 200.000 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 Sales revenue $ Cost of goods sold Gross margin Marketing and administrative costs 4.200.000 UNIVERSITY ELECTRONICS Cost of Goods Sold Statement For the Year Ended February 28 Merchandise Inventory, March 1 S 205,000 Merchandise purchases $ 2,950,000 Transportation in 115,000 Total cost of goods purchased 3 065 000 Cost of goods available for sale PS 3270 000 Merchandise inventory February 28 230.000 Cost of goods sold 5 3.040.000