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