The income statement of Sweet Company is shown below. SWEET COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,940,000 Cost of goods sold Beginning inventory $1,880,000 Purchases 4,420,000 Goods available for sale 6,300,000 Ending inventory 1,580,000 Cost of goods sold 4,720,000 Gross profit 2,220,000 Operating expenses Selling expenses 450,000 Administrative expenses 710,000 1,160,000 Net income $1,060,000 Additional information: