The income statement of Buffalo Industries is presented here Buffalo Industries Income Statement For the Year Ended November 30, 2017 Sales revenue $7,692,100 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory $1,885,500 4,445,500 6,331,000 1,622,000 4,709,000 Total cost of goods sold Gross profit Operating expenses 2,983,100 443,400 688,100 Selling expenses Administrative expenses 1,131,500 Net income $1,851,600 Additional information: 1. Accounts receivable decreased $386,400 during the year, and inventory decreased $263,500 2. Prepaid expenses increased $151,900 during the year 3. Accounts payable to suppliers of merchandise decreased $346,900 during the year, 4. Accrued expenses payable decreased $98,500 during the year 5. Administrative expenses include depreciation expense of $108,000