Calculating Gross Profit and Preparing an Income Statement In 2017, Colgate-Palmolive Company reported sales revenue of $15.454 million and cost of goods sold of $6,099 million. Its net income was $2.024 million. Calculate gross profit and prepare an income statement using the format illustrated in Exhibit 1.8. EXHIBIT 1.8 Income Statement with Gross Profit Subtotal ($ millions) and other tems) or Net Income (Sales less all expenses). NIKE Income Statement For Year Ended May 31, 2018 Annotations are used to aid learning. Revenues $36,397 20,441 15.956 14.023 Cost of products including materials, labor, and overhead Cost of goods sold Gross profit Other expenses including income taxes Net income (or loss). $ 1,933