Jason Jackson is the sole proprietor of Prestigious Pups, a business specializing in the sale of high-end pet gifts and accessories. Prestigious Pups' sales totaled $973,000 during the most recent year. During the year, the company spent $58,500 on expenses relating to website maintenance, $33,000 on marketing, and $29,800 on wrapping, boxing, and shipping the goods to customers. Prestigious Pups also spent $635,000 on inventory purchases and an additional $18,800 on freight-in charges. The company started the year with $17,350 of inventory on hand and ended the year with $17,000 of inventory. Prepare Prestigious Pups' income statement for the most recent year. Begin by calculating the cost of goods sold for the year