Forecasting an Income Statement Assume Abercrombie & Fitch reports the following income statements. Income Statement, For Fiscal Years Ended ($ thousands) 2011 2010 Net sales $ 3,817,847 $3,318,158 Cost of goods sold 1,238,480 1,109,152 Gross profit 2,579,367 2,209,006 Stores and distribution expense 1,386,846 1,187,071 Marketing, general and administrative expense 395,758 373,828 Other operating income, net 11,734 9,983 Operating income 808,497 658,090 Interest income, net 18,888 13,896 Income before income taxes 827,385 671,986 Provision for income taxes 283,628 249,800 Net income $ 543,757 $ 422,186 Forecast Abercrombie & Fitch's 2012 income statement assuming the following income statement relations. Assume no change for all other accounts not listed below. All percentages, other than sales growth and provision for income taxes, are based on percent of net sales. (Round your answers to the nearest whole number.) Net sales growth 15.1% Gross profit margin 67.6% Stores and distribution expense/Net sales 36.3% Marketing, general and adminstrative expense/Net sales 10.4% Other operating income, net/Net sales 0.3% Provision for income taxes/Income before income taxes 34.3% Round your answers to the nearest whole number. Do not use negative signs with your answers. Forecasted Income Statement, For Fiscal Years Ended ($ thousands) Net sales Cost of goods sold Gross profit Stores and distribution expense Marketing, general and administrative expense Other operating (income), net Operating income Interest income, net Income before income taxes Provision for income taxes Net Income 2011 2012 $3,817,847 $ 4,394,342 1,238,480 2,970,575 x 2,579,367 1,423,767 x 1,386,846 OX 395,758 OX 11,734 OX 808,497 18,888 OX 827,385 0 X 283,628 OX $ 543,757 $