Question 11 of 15 < > SKYSONG COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,250,000 Cost of goods sold Beginning inventory $1,990,000 Purchases 4,470,000 Goods available for sale 6,460,000 Ending inventory 1,700,000 Cost of goods sold 4,760,000 Gross profit 1,490,000 Operating expenses Selling expenses 410,000 Administrative expenses 700,000 1,110,000 Net income $380,000 Additional information