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University Electronics has provided the following information for last year: ...

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Accounting

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.

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