Jared Tustin is the sole proprietor of Lavish Pets, a business specializing in the sale of high$-$end pet gifts and accessories. Lavish Pets' sales totaled $$1,060,000$ during the most recent year. During the year, the company spent $$56,500$ on expenses relating to website maintenance, $$31,800$ on marketing, and $$29,500$ on wrapping, boxing, and shipping the goods to customers. Lavish Pets also spent $$643,000$ on inventory purchases and an additional $$20,500$ on freight$-$in charges. The company started the year with $$19,100$ of inventory on hand and ended the year with $$15,500$ of inventory. Prepare Lavish Pets' income statement for the most recent year.

Begin by calculating the cost of goods sold for the year.

Lavish Pets

Cost of Goods Sold

For Current Year

Beginning inventory

Plus: Purchases and freight$-$in

Cost of goods available for sale

Less: Ending inventory

Cost of goods sold