Homework: Chapter 2 HW Score: 0 of 2 pts S2-11 (similar to) 5 of 10 (8 complete) HW Score: 66.67%, 13 33 of 20 Question Help Sleek and Shiny is a retail chain specializing in salon-quality hair-care products. During the year, Sleek and Shiny had sales of $39,387,000. The company began the year with 33,100,000 of merchandise inventory and ended the year with $4,115,000 of inventory. During the year, Sleek and Shiny purchased $24,215,000 of merchandise inventory. The company's seling, general, and administrative expenses totaled 35,775,000 for the year. Prepare Sleek and Shiny's income statement for the year. Begin by calculating Sleek and Shiny's cost of goods sold using the table below. Sleek and Shiny Calculation of Cost of Goods Sold For the Year Ended Beginning inventory Plus: Purchases Cost of goods available for sale Less Ending inventory Cost of goods sold 3,100,000 24,215,000 27.315,000 4.115,000