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Hill Street Electronics has provided the following information for last year:
Sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,000,000Store rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440,000Store utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270,000Administrative costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 580,000Sales commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300,000Merchandise purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,500,000Transportation-in costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210,000Merchandise inventory, March 1 . . . . . . . . . . . . . . . . . . . . 370,000Merchandise inventory, February 28 . . . . . . . . . . . . . . . . . 420,000Required :Prepare an income statement for last year with a supporting cost of goods sold statement.
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