Salon Hair is a retail chain specializing in salon-quality hair-care products. During the year, Salon Hair had sales of $38.850.000. The company began the year with $3,500,000 of merchandise inventory and ended the year with $4,445,000 of inventory. During the year, Salon Hair purchased $23,975,000 of merchandise inventory. The company's seling, general, and administrative expenses totaled $7,100,000 for the year. Prepare Salon Hair's income statement for the year. Begin by calculating Salon Hair's cost of goods sold using the table below Salon Hair Calculation of Cost of Goods Sold For the Year Ended Plus: Less: