ework Question 7, E2-27A (similar to) HW Score: 92.89%, 8.36 of 9 points Part 2 of 2 Points: 0.36 of 1 Save Robbie Robinson is the sole proprietor of Regal Pets, a business specializing in the sale of high-end pet gifts and accessories. Regal Pets' sales totaled $991,000 during the most recent year. During the year, the company spent $52,000 on expenses relating to website maintenance, $30,700 on marketing, and $29,100 on wrapping, boxing, and shipping the goods to customers. Regal Pets also spent $637,000 on inventory purchases and an additional $21,200 on freight-in charges. The company started the year with $19,300 of inventory on hand and ended the year with $16,000 of inventory. Prepare Regal Pets', income statement for the most recent year. Beginning inventory 19,300 Plus: Purchases and freight-in 658,200 Cost of goods available for sale 677,500 Less: Ending inventory 16,000 661,500 Cost of goods sold Prepare Regal Pets' income statement for the most recent year, Regal Pets Income Statement For Current Year Sales revenues Less: Cost of goods sold Gross profit Less: Operating expenses Website expenses 52.000 Marketing expenses 30,700 Freight-out expenses 29,100 Operating income