Lady Barber is a retail chain specializing in salon-quality hair-care products. During the year, Lady Barber had sales of $39,410,000. The company began the year with $2,500,000 of merchandise inventory and ended the year with $3,245,000 of inventory. During the year, Lady Barber purchased $24,100,000 of merchandise inventory. The company's selling, general, and administrative expenses totaled $7,185,000 for the year. Prepare Lady Barber's income statement for the year. Begin by calculating Lady Barber's cost of goods sold using the table below. Lady Barber Calculation of Cost of Goods Sold For the Year Ended Plus: Less: