University Electronics has provided the following information for last year.
Sales revenue $ 4,170,000 Store rent 237,000 Store utilities 118,000 Administrative costs 307,000 Sales commissions 616,000 Merchandise purchases 2,920,000 Transportation-in costs 113,500 Merchandise inventory, March 1 202,000 Merchandise inventory, February 28 227,000 Required:
1. Prepare a cost of goods sold statement for last year.
2. Prepare an income statement for last year.