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Neil Webster is the sole proprietor of Prestigious Pugs, a business specializing in the sale of high-end pet gifts and accessories. Prestigious Pugs sales totaled $1,105,000 during the most recent yoar. During the year, the company spent $55,000 on expenses relating to website maintenance, $30,500 on marketing, and S29,500 on wrapping, boxing, and shipping the goods to customers. Prestigious Pugs also spent $638,000 on inventory purchases and an additional $19,500 or freight-in charges. The company started the year with $16,250 of inventory on hand and ended the year with $16,000 of inventory. Prepare Prestigious Pugs income statement for the most recent year Begin by calculating the cost of goods sold for the year Prestigious Pugs Cost of Goods Sold For Current Year Beginning inventory Plus: Purchases and freight-in Cost of goods avalable for sale Less: Ending inventory Cost of goods sold Prepare Prestigious Pugs' income statement for the most recent year $16,250 657,500 673,750 16,000 $ 657,750 Prestigious Pugs Income Statement For Current Year Less: Less