Homework: HW 2 - Chapter 2 Save Score: 1 8 of 5 pts 5 of 8 (5 complete) HW Score: 37 33% 16.8 of 45 pts W E2-24A (similar to) Question Help Neil Webster is the sole proprietor of Pretty Pets, a business specializing in the sale of high-end pet gifts and accessories Pretty Pets' sales totaled $1.010,000 during the most recent year During the year, the company spent $56,500 on expenses relating to website maintenance, $29,000 on marketing, and $27.900 on wrapping, boxing, and shipping the goods to customers Pretty Pets also spent $637,000 on inventory purchases and an additional $21,300 on freight-in charges The company started the year with 519,800 of inventory on hand and ended the year with $15,500 of inventory Prepare Pretty Pets Income statement for the most recent year Begin by calculating the cost of goods sold for the year Begin by calculating the cost of goods sold for the year. Pretty Pets Cost of Goods Sold For Current Year $ 19,800 Beginning inventory Plus: Purchases and freight-in Cost of goods available for sale 658.300 678,100 Less Ending inventory 15.500 Cost of goods sold $ 662,600 Prepare Pretty Pets' income statement for the most recent year. Pretty Pets Prepare Pretty Pets income statement for the most recent year. Pretty Pets - Income Statement For Current Year Sales revenues 1,010,000 678.100 Less Cost of goods sold Gross profit 331,900 Less Operating expenses Website expenses 56,500 Marketing expenses 29.000 Freight-out expenses 21,300 Operating income Choose from any list or enter any number in the innut fields and then click Check Ans