Problem 12 3A The income statement of Buffalo Industries is presented here. Buffalo Industries Income Statement For the Year Ended November 30, 2017 Sales revenue $7,561,700 Cost of goods sold $1,927,000 4,337,800 6,264,800 1,618,200 Beginning inventory Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses 4,646,600 2,915,100 450,700 713,800 Selling expenses 1,164,500 $1,750,600 Administrative expenses Net income Additional information: 1. Accounts receivable decreased $373,100 during the year, and inventory decreased $308,800 2. Prepaid expenses increased $148,400 during the year 3. Accounts payable to suppliers of merchandise decreased $350,400 during the year 4. Accrued expenses payable decreased $100,500 during the year 5. Administrative expenses indude deprecation expense of 110,800. Version 4.2 olicy I All Rights Reserved. A Division of 3hn iley&.Ss either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Buffalo Industries Partial Statement of Cash Flows Adjustments to reconcile net income to