Exercise 23-4 The income statement of Skysong Company is shown below. SKYSONG COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,940,000 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $1,910,000 4,350,000 6,260,000 1,600,000 4,660,000 2,280,000 Gross profit Operating expenses Selling expenses Administrative expenses 450,000 710,000 1,160,000 Net income $1,120,000