The income statement of Sage Hill Inc. is presented here Sage Hill Inc. Income Statement For the Year Ended November 30, 2017 Sales revenue $7,630,300 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory $1,918,900 4,349,100 6,268,000 1,620,600 4,647,400 Total cost of goods sold Gross profit Operating expenses 2,982,900 447,900 710,900 Selling expenses Administrative expenses 1,158,800 Net income $1,824,100 Additional information: 1. Accounts receivable decreased $378,700 during the year, and inventory decreased $298,300 2. Prepaid expenses increased $147,500 during the year 3. Accounts payable to suppliers of merchandise decreased $349,300 during the year 4. Accrued expenses payable decreased $98,500 during the year. 5. Administrative expenses include depreciation expense of $110,300