Question

University Electronics has provided the following Information for last year. Sales revenue $4,860,000 Store rent 226,000 Store utilities 129,000 Administrative costs 296,000 Sales commissions 638,000 Merchandise purchases 2,810,000 Transportation in costs 108,000 Merchandise inventory, March 1 191,000 Merchandise inventory, 216,000 February 28 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 Total cost of goods purchased Cost of goods sold COGS Stmt Income Strt >

Answer 1

191000 UNIVERSITY ELECTRONICS Cost of goods soldstatement For the year Ended February 28 Merchandise inventory, March 1 Merchandise purchases 2810000 Transportationin costs 108000 Total Cost of goods purchased Cost of goods available for sale Merchandise inventory, February 28 Cost of goods sold 2918000 3109000 -216000 2893000 UNIVERSITY ELECTRONICS Income Statement For the year Ended February 28 Sales revenue Cost of goods sold Gross margin Marketing and administrative costs 4060000 -2893000 1167000 -1289000 Operating Income / Loss -122000