Tom Reynold is the sole proprietor of Pretty Pets , a business specializing in the sale of high-end pet gifts and accessories. Pretty Pets ' sales totaled $ 986 comma 000 during the most recent year. During the year, the company spent $ 52 comma 000 on expenses relating to website maintenance, $ 31 comma 300 on marketing, and $ 29 comma 500 on wrapping, boxing, and shipping the goods to customers. Pretty Pets also spent $ 640 comma 000 on inventory purchases and an additional $ 18 comma 000 on freight-in charges. The company started the year with $ 18 comma 250 of inventory on hand and ended the year with $ 18 comma 400 of inventory. Prepare Pretty Pets ' income statement for the most recent year.
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