Roderick Thompson is the sole proprietor of Majestic Pups, a business specializing in the sale of high-end pet gifts and accessories. Majestic Pups sales totaled $983,000 during the most recent year. During the year, the company $ pent $56,500 on expenses relating to website maintenance, $30,600 on marketing, and $29,500 on wrapping, boxing, and shipping the goods to customers. Majestic Pups also spent $637,000 on inventory purchases and an additional $20,800 on freight-in charges. The company started the year with $15,500 of inventory on hand and ended the year with $14,200 of inventory. Prepare Majestic Pups' income statement for the most recent vear. Begin by calculating the cost of goods sold for the year