Please solve this problem:
Problem 12-3A The income statement of Teal Mountain Inc. is presented here Teal Mountain Inc. Income Statement For the Year Ended November 30, 2017 Sales revenue $7,663,600 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory $1,878,300 4,387,900 6,266,200 1,575,000 4,691,200 Total cost of goods sold Gross profit Operating expenses 2,972,400 Selling expenses Administrative expenses 454,100 699,100 1,153,200 Net income $1,819,200
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