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 4,110,000 231,000 124,000 301,600 628,000 2,860,000 110, 500 196,000 221,000 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