Question 7. E2-27A (similar to) Nork Part 20t2 HW Score: 55.34%, 4.98 of 9 points Points: O.360ff 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 $637,0000n 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. For Current Year Beginning inventory Purchases and freight-in Cost of goodsavailable for sale Less: Ending inventory 'Cost of goods sold Prepare Regal Pete income statement for the most recent year. Regal Pets Income Statement For Current Year 19,300 658,200 677,500 16,000 661,500