Forecast an Income Statement

Following is the income statement for Medtronic PLC for the year ended April 29, 2016.

Consolidated Statements of Income		Apr. 29, 2016
Net sales		$29,944
Costs and expenses
Cost of products sold		9,283
Research and development expense		2,224
Selling, general, and administrative expense		9,469
Special charges (gains), net		70
Restructuring charges, net		290
Certain litigation charges, net		26
Acquisition-related items		283
Amortization of intangible assets		1,931
Other expense, net		107
Operating profit		6,261
Interest expense, net		955
Income from operations before income taxes		5,306
Provision for income taxes		1,008
Net income		$4,298

Use the following assumptions to prepare a forecast of the company's income statement for FY2017.

Net sales increase				20%
Cost of products sold				31.7%of net sales
Research and development expense				7.7% of net sales
Selling, general, and administrative expense				32.8% of net sales
Special charges (gains), net				$0
Certain litigation charges, net				$0
Restructuring charges, net				75% of 2016 expense
Acquisition-related items				1.0% of net sales
Amortization of intangible assets				No change
Other expense, net and Interest expense, net				No change
Provision for income taxes				20% of pre-tax income

please fix the X's

Instructions: Round answers to the nearest whole number, Use rounded answers for any subsequent computations. Do not use negative signs with any of your answers. Medtronic Inc. Forecasted Consolidated Statement of Income in Millions EST. 2017 Net sales 5 35,933 Costs and expenses Cost of products sold 11,391 Research and development expense 2,767 Selling general, and administrative expense 11,786 Restructuring charges, net 218 Acquisition-related items 359 Amortization of intangible assets 1,931 Other expense, net 107 Operating profit (7,375) X Interest expense, net 955 Income from operations before income taxes 6,240 x Provision for income taxes 1,284 Net income $ 6,419 x