Pamela's Trim and Perm is a retail chain specializing in salon-quality hair care products. During the year, Pamela's Trim and Perm had sales of $39.235.000 The company began the year with 53,775,000 of merchandise inventory and ended the year with $4,750,000 of inventory. During the year, Pamela's Trim and Perm purchased 524,100,000 of merchandise inventory. The company's selling, general, and administrative expenses totaled $7.225.000 for the year. Prepare Pamela's Trim and Perms' income statement for the year. Begin by calculating Pamela's Trim and Perms' cost of goods sold using the table below. Pamela's Trim and Perm Calculation of Cost of Goods Sold For the Year Ended Plus Less Pamela's Trim and Perm Calculation of Cost of Goods Sold For the Year Ended Beginning inventory Cost of goods available for sale Cost of goods sold Ending inventory Gross profit Operating expenses Operating income Purchases Sales revenues