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 $ 4,150,000 235,000 120,000 385,000 520,000 2,980, Bee 112,5ee 200,000 225,000 Required: 1. Prepare a cost of goods sold statement for last year. 2. Prepare an income statement for last year. Complete this question by entering your answers in the tabs below. COGS Stmt Income Stmt Prepare a cost of goods sold statement for last year. (Amounts to be deducted and losses should be entered with a minus sign) UNIVERSITY ELECTRONICS Cost of Goods Sold Statement For the Year Ended February 28 Total cost of goods purchased Cost of goods sold Income Stmt > Complete this question by entering your answers in the tabs below. COGS Stmt Income Stmt Prepare an income statement for last year. (Amounts to be deducted and losses should be entered with a minus sig UNIVERSITY ELECTRONICS Income Statement For the Year Ended February 28