sleek and shiny is a retail chain specializing in salon-quality hair care products. During the year,

SleekandShiny

had sales of

$38,230,000.

The company began the year with

$2,985,000

of merchandise inventory and ended the year with

$3,785,000

of inventory. During the year,

SleekandShiny

purchased

$23,520,000

of merchandise inventory. The company's selling, general, and administrative expenses totalled

$6,120,000

for the year.Prepare

SleekandShiny's

income statement for the year.

Sleek and Shiny
Income Statement
	Cost of goods sold:
	Operating income