. $5,000,000 Income Statement (with cost of goods sold adjustment) Milan Company Income Statement Year Ended December 31 Sales Cost of goods sold before adjustment for overapplied overhead Adjustment for overapplied overhead Cost of goods sold Gross profit Less operating (nonmanufacturing) expenses: Selling General and administrative Operating profit Correct Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect VS 30. Income Statement (with cost of goods sold adjustment). Milan Company had the following activity for the year ended December 31. Sales revenue $5,000,000 Selling expenses $ 825,000 General and administrative expenses $ 570,000 Cost of goods sold (before adjustment) $2,900,000 Overapplied overhead $ 109,000 Required: an income statement for year ended December 31. 3306