Roderick Thompson is the sole proprietor of Pretty Pets, a business specializing in the sale of high-end pet gifts and accessories. Pretty Pets' sales totaled $997,000 during the most recent year. During the year, the company spent $56,500 on expenses relating to website maintenance, $33,200 on marketing, and $27,500 on wrapping, boxing, and shipping the goods to customers. Pretty Pets also spent $635,000 on inventory purchases and an additional $19,500 on freight-in charges. The company started the year with $17,350 of inventory on hand, and ended the year with $13,100 of inventory. Prepare Pretty Pets' income statement for the most recent year.