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S$2-11$ Prepare a retailer's income statement $($Learning Objective $5)$

Salon Secrets is a retail chain specializing in salon$-$quality hair care products. During the year, Salon Secrets had sales of $$38,230,000.$ The company began the year with $$3,270,000$ of merchandise inventory and ended the year with $$3,920,000$ of inventory. During the year, Salon Secrets purchased $$23,450,000$ of merchandise inventory. The company's selling, general, and administrative expenses totalled $$6,115,000$ for the year. Prepare Salon