The income statement of Flounder Corp. is presented here. Flounder Corp. Income Statement For the Year Ended November 30, 2017 $7,511,400 Sales revenue Cost of goods sold $1,897,000 Beginning inventory Purchases 4,328,700 6,225,700 Goods available for sale Ending inventory 1,627,300 4,598,400 Total cost of goods sold Gross profit 2,913,000 operating expenses 447,600 Selling expenses 1,161,500 713,900 Administrative expenses $1,751,500 Net income Additional information: 1. Accounts receivable decreased $374,800 during the year, and inventory decreased $269,700. 2. Prepaid expenses increased $147,300 during the year. Accounts payable to suppliers of merchandise decreased $343,200 during the year. 4. Accrued expenses payable decreased $101,300 the year. 5. Administrative expenses include depreciation expense of $109,700