Prepare a retailer's income statement (Learning Objective 5)

Salon Secrets is a retail chain specializing in salon-quality hair care products. During the year, Salon Secrets had sales of \(\$ 38,230,000\). The company began the year with \(\$ 3,270,000\) of merchandise inventory and ended the year with \(\$ 3,920,000\) of inventory. During the year, Salon Secrets purchased \(\$ 23,450,000\) of merchandise inventory. The company's selling, general, and administrative expenses totaled \(\$ 6,115,000\) for the year. Prepare Salon Secrets' income statement for the year.