Headlands Industries Income Statement For the Year Ended November 30, 2022 Sales revenue $7,593,600 Cost of goods sold Beginning inventory $1,907,000 Purchases 4,403,100 Goods available for sale 6,310,100 1,616,600 Ending inventory Total cost of goods sold 4.693,500 Gross profit 2.900.100 Operating expenses Selling expenses 452,100 Administrative expenses 711,300 1,163.400 Net income $1.736,700 Additional information: 1. 2. 3. Accounts receivable decreased $381.200 during the year, and inventory decreased $290,400. Prepaid expenses increased $149,400 during the year. Accounts payable to suppliers of merchandise decreased $347.500 during the year. Accrued expenses payable decreased $101,100 during the year. Administrative expenses include depreciation expense of $111.000, 4. 5. Headlands Industries Partial Statement of Cash Flows November 30, 2022 Adjustments to reconcile net income to -/112 $ > c >