Sleek and Shiny is a retail chain specializing in salon-quality hair care products. During the year, Sleek and Shiny had sales of $38,420,000. The company began the year with $2,500,000 of merchandise inventory and ended the year with $3,245,000 of inventory. During the year, Sleek and Shiny purchased $23,500,000 of merchandise inventory. The company's selling, general, and administrative expenses totalled $6,125,000 for the year. Prepare Sleek and Shiny's income statement for the year. Sleek and Shiny Income Statement Cost of goods sold: TITET Operating income