Ron Rutland is the sole proprietor of Pampered Pets, a business specializing in the sale of high-end pet gifts and accessories. Pampered Pets' sales totaled $1,125,000 during the most recent year. During the year, the company spent $50,000 on expenses relating to website maintenance, $31,800 on marketing, and $28,000 on wrapping, boxing, and shipping the goods to customers. Pampered Pets also spent $633,000 on inventory purchases and an additional $20,500 on freight-in charges. The company started the year with $16,250 of inventory on hand and ended the year with $17,000 of inventory. Prepare Pampered Pets' income statement for the most recent year. Begin by calculating the cost of goods sold for the year. Pampered Pets Cost of Goods Sold For Current Year Plus: Less: Cost of goods sold