A skeleton of Landmark Mills’ income statement appears as follows ( amounts in thousands):

Use the following ratio data to complete Landmark Mills’ income statement:

1. Inventory turnover was 3.50 (beginning Merchandise Inventory was $ 850; ending Merchandise Inventory was $ 810).

2. Profit margin ratio is 0.11.

Transcribed Image Text:

LANDMARK MILLS Income Statement Year Ended December 31, 2015 Net Sales $7,200 Cost of Goods Sold (a) Selling and Admin. Expenses 1,830 Interest Expense (b) Other Expenses 150 Income Before Taxes 1,325 Income Tax Expense () Net Income (d)