Sam Peters is the sole proprietor of Charismatic Cats, a business specializing in the sale of high-end pet gifts and accessories. Charismatic Cats' sales totaled $1,060,000 during the most recent year. During the year, the company spent $53,000 on expenses relating to website maintenance, $33,200 on marketing, and $28,500 on wrapping, boxing, and shipping the goods to customers. Charismatic Cats also spent $636,000 on inventory purchases and an additional $19,500 on freight-in charges. The company started the year with $19,800 of inventory on hand and ended the year with $13,100 of inventory. Prepare Charismatic Cats income statement for the most recent year Begin by calculating the cost of goods sold for the year Charismatic Cats Cost of Goods Sold For Current Year Plus: Less Cost of goods sold