The income statement of Cullumber Company is presented here Cullumber Company Income Statement For the Year Ended November 30, 2017 Sales revenue $7,451,100 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory $1,912,300 4,389,700 6,302,000 1,591,500 4,710,500 Total cost of goods sold Gross profit Operating expenses 2,740,600 Selling expenses Administrative expenses 453,900 701,000 1,154,900 Net income $1,585,700 Additional information: 1. Accounts receivable decreased $377,500 during the year, and inventory decreased $320,800 2. Prepaid expenses increased $148,900 during the year 3. Accounts payable to suppliers of merchandise decreased $353,900 during the year. 4. Accrued expenses payable decreased $101,100 during the year 5. Administrative expenses include depreciation expense of $110,100