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 $ 4200.000 240.000 115000 310,000 610,000 2.950.000 115.000 205,000 230.000 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 $ 4200,000 Cost of goods sold 3.040.000 Cross margin 1.160 000 Marketing and administrative costs 1275.000 $ Operating is s 115.000 UNIVERSITY ELECTRONICS Cost of Goods Sol Statement For the Year Ended February 23 Merchandise vertory March 1 S205.000 Merchandise purchases 5 2.950.000 115 000 3065.000 Cost of goods available for sale 3.270.000 Merchandise wory February 25 Cost of goods sont 30100