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.



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