P17-3A

Pypane the operating P17-3A The income statement of Whitlock Company is presented here method WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2017 $7,700,000 Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory $1,900,000 4.400,000 6,300,000 1.400,000 Total cost of goods sold Gross profit Opcrating expenses Net income 4,900,000 2,800,000 1,150,000 $1,650,000 Additional information: 2. Prepaid expenses increased $150,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $340,000 during the year. 4. Accnued expenses payable decreased $100,000 during the year 5. Operating expenses include depreciation expense of $70,000