Clever Cuts is a retail chain specializing in salon-quality hair-care products. During the year, Clever Cuts had sales of $ 39 comma 300 comma 000. The company began the year with $ 2 comma 865 comma 000 of merchandise inventory and ended the year with $ 3 comma 600 comma 000 of inventory. During the year, Clever Cuts purchased $ 23 comma 010 comma 000 of merchandise inventory. The company's selling, general, and administrative expenses totaled $ 7 comma 185 comma 000 for the year. Prepare Clever Cuts' income statement for the year. Question content area bottom Part 1 Begin by calculating Clever Cuts' cost of goods sold using the table below. Clever Cuts Calculation of Cost of Goods Sold For the Year Ended Plus: Less