Mike Leaver is the sole proprietor of Pretty Pups, a business specializing in the sale of high-end pet gifts and accessories. Pretty Pups' sales totaled $991,000 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 Pups also spent $639,000 on inventory purchases and an additional $19,900 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 Pretty Pups' income statement for the most recent year. Begin by calculating the cost of goods sold for the year. Ranin hy nalnilatinn tha nnet nf annde cold far tha wasr