BEGINNING INVENTORY

COST OF GOODS AVAILABLE FOR SALE

COST OF GOODS SOLD

ENDING INVENTORY

GROSS PROFIT

OPERATING INCOME

OPERATING EPENSES

PURCHASES

SALES REVENUES

Clever Cuts is a retail chain specializing in salon-quality hair-care products. During the year, Clever Cuts had sales of $39,300,000. The company began the year with $2,865,000 of merchandise inventory and ended the year with $3,600,000 of nventory. During he year Clever Cuts chased s 40 000 of merchandise m e to The company's selling, general, and administrative expenses totaled $6,150,000 for the year. Prepare Clever Cuts' income statement for the year. Begin by calculating Clever Cuts' cost of goods sold using the table below. Clever Cuts Calculation of Cost of Goods Sold For the Year Ended