SalonSecrets is a retail chain specializing insalon-quality hair-care products. During theyear, SalonSecrets had sales of $39,225,000. The company began the year with $3,350,000 of merchandise inventory and ended the year with $4,315,000 of inventory. During theyear, SalonSecrets purchased $24,100,000 of merchandise inventory. Thecompany's selling,general, and administrative expenses totaled $7,225,000 for the year. Prepare SalonSecrets' income statement for the year.

Begin by calculating SalonSecrets' cost of goods sold using the table below.

Salon Secrets

Calculation of Cost of Goods Sold

For the Year Ended

Beginning inventory

39225000

Plus:

Less:

Now prepare SalonSecrets' income statement for the year.

Salon Secrets

Income Statement

For the Year Ended

Less:

Less: