The income statement of Munsun Company is presented here. MUNSUN COMPANY Income Statement For the Year Ended November 30, 2022 Sales revenue $7,600,000 Cost of goods sold Beginning inventory $1,900,000 Purchases 4,400,000 Goods available for sale 6,300,000 Ending inventory 1,600,000 Total cost of goods sold 4,700,000 Gross profit 2,900,000 Operating expenses Selling expenses 450,000 Administrative expenses 700,000 1,150,000 Net income $1,750,000 13 Additional Information: 1. Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000. 2. Prepaid expenses increased $150,000 during the year. 3. Accounts payable to suppliers of inventory decreased $350,000 during the year. 4. Accrued expenses payable decreased $100,000 during the year. 5. Administrative expenses include depreciation expense of $110,000