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 $1,125,000 during the most recent year. During the year, the company spent $55,000 on expenses relating to website maintenance, $31,300 on marketing, and $29,100 on wrapping, boxing, and shipping the goods to customers. Pretty Pets 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 $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. Pretty Pets Cost of Goods Sold For Current Year Plus: Less: Cost of goods sold Prepare Pretty Pets' income statement for the most recent year. Pretty Pets Income Statement For Current Year Less: Less