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2. Oakmont Corporation reported the following 2017 income statement (in millions) (10 points) Sales Cost of goods sold Gross profit Selling, general and administrative R&D
2. Oakmont Corporation reported the following 2017 income statement (in millions) (10 points) Sales Cost of goods sold Gross profit Selling, general and administrative R&D expenses Other expenses, net Operating profit Interest expense Income before taxes $1,725.4 970.3 755.1 313.4 53.2 21.7 366.8 78.3 $288.5 Forecast the 2018 income statement for Oakmont Corporation assuming a 3% increase in net sales and a continuation of the 2017 gross profit margin and percentage relation to net sales for each of the other expenses except for interest expense which will remain the same
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