The income statement of Novak Company is presented nere. Novak Company Income Statement For the Year Ended November 30, 2025 Sales revenue $7,668,300 Cost of goods sold Beginning inventory $1,904,300 Purchases 4,482,600 Goods available for sale 6,386,900 Ending inventory 1,584,800 Total cost of goods sold 4,802,100 Gross profit 2,866,200 Operating expenses Selling expenses 450,100 Administrative expenses 713,000 1,163,100 income $1,703,100