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 inven¬ tory. 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.