Estephan Rouhana is the sole proprietor of Prestigious Pets, a retail business specializing in the sale of high-end pet gifts and accessories. Prestigious Petsâ€™ sales totaled $1,060,000 during the most recent year. During the year, the company spent $53,000 on expenses relating to website maintenance, $33,000 on marketing, and $28,500 on wrapping, boxing, and shipping the goods to customers. Prestigious Pets also spent $643,000 on inventory purchases and an additional $20,500 on freight-in charges. The company started the year with $15,500 of inventory on hand, and ended the year with $12,800 of inventory. Prepare Prestigious Petsâ€™ income statement for the most recent year.
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