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Problem 13-3A The income statement of Whitlock Company is presented here WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2017 Sales revenue Cost of goods sold $7,518,000 $1,974,700 4,379,000 6,353,700 1.441000 Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Net income 4.912,700 2,605,300 1,119,700 $1,485,600 Additional information: 1. Accounts receivable increased $208,200 during the year, and inventory decreased $533,700 2. Prepaid expenses increased $165,500 during the year 3. Accounts payable to suppliers of merchandise decreased $334,500 during the year 4. Accrued expenses payable decreased $104,900 during the year 5. Operating expenses include depreciation expense of $83,900