University Electronics has provided the following information for last year:

Sales revenue	$	4,030,000
Store rent		223,000
Store utilities		132,000
Administrative costs		293,000
Sales commissions		644,000
Merchandise purchases		2,780,000
Transportation-in costs		106,500
Merchandise inventory, March 1		188,000
Merchandise inventory, February 28		213,000

Prepare an income statement for last year with a supporting cost of goods sold statement.