Exercise 23B-3 The income statement of Concord Company is shown below. CONCORD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $7,070,000 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $1,980,000 4,820,000 6,800,000 1,510,000 5,290,000 1,780,000 Gross profit Operating expenses Selling expenses Administrative expenses 480,000 640,000 1,120,000 $660,000 Net income