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Robbie Robinson is the sole proprietor of Prestigious Pups, a business specializing in the sale of high-end pet gifts and accessories. Prestigious Pups' sales totaled $ 997,000 during the most recent year. During the year, the company spent $ 56,500 on expenses relating to website maintenance, $ 32,500 on marketing, and $ 28,000 on wrapping, boxing, and shipping the goods to customers. Prestigious Pups also spent $ 643,000 on inventory purchases and an additional $ 19,700 on freight-in charges. The company started the year with $ 19,800 of inventory on hand and ended the year with $ 17,800 of inventory. Prepare Prestigious Pups' income statement for the most recent year.

Answer selections:

Begin by calculating the cost of goods sold for the year. Prestigious Pups Cost of Goods Sold For Current Year Plus: Less: Cost of goods sold Prepare Prestigious Pups' income statement for the most recent year. Prestigious Pups Income Statement For Current Year Less: Less: Prestigious Pups Cost of Goods Sold For Current Year Beginning inventory Cost of goods available for sale Ending inventory Purchases and freight-in Sales commissions expense Trupuru Truonyruuvi upu MUUTTI OLULITIC TUI ITU Muuecent year. Prestigious Pups Income Statement For Current Year Beginning inventory Cost of goods available for sale Cost of goods sold Ending inventory Freight-out expenses Gross profit Marketing expenses Operating expenses Operating income Purchases and freight-in Sales revenues Total operating expenses Website expenses