Tom Reynold

TomReynold is the sole proprietor of Prestigious Pets

PrestigiousPets, a business specializing in the sale ofhigh-end pet gifts and accessories. Prestigious Pets

PrestigiousPets' sales totaled $ 973 comma 000

$973,000 during the most recent year. During theyear, the company spent $ 58 comma 500

$58,500 on expenses relating to websitemaintenance, $ 32 comma 500

$32,500 onmarketing, and $ 28 comma 500

$28,500 onwrapping, boxing, and shipping the goods to customers. Prestigious Pets

PrestigiousPets also spent $ 637 comma 000

$637,000 on inventory purchases and an additional $ 19 comma 700

$19,700 onfreight-in charges. The company started the year with $ 16 comma 250

$16,250 of inventory on hand and ended the year with $ 14 comma 200

$14,200 of inventory. Prepare Prestigious Pets

PrestigiousPets' income statement for the most recent year.

Begin by calculating the cost of goods sold for the year.

Prestigious Pets

Cost of Goods Sold

For Current Year

Plus:

Less:

Cost of goods sold

Prepare Prestigious Pets

PrestigiousPets' income statement for the most recent year.