M11-11. Forecast an Income Statement AutoZone Inc. reports the following income statements. 12 Months Ended Aug. 27, 2016 Consolidated Statement of Income ($ in Thousands) Net sales. . . . . . . Cost of sales, including warehouse and delivery expenses. ... Gross profit. ..... Operating, selling, general and administrative expenses.. Operating profit. .......... Interest expense, net........... Income before income taxes.... Income tax expense .......... .........$10,635,676 ......... 5,026,940 ........ 5,608,736 .........3,548,341 ........2,060,395 ...... 147,681 ...... 1,912,714 .671,707 .......$ 1,241,007 Net income .......... Forecast AutoZone's 2017 income statement assuming the following income statement relations ($ in thousands). All percentages (other than sales growth and provision for income taxes) are based on percent of net sales. Net sales growth. ... Cost of sales, including warehouse and delivery expenses. ... Operating, selling, general and administrative expenses..... Interest expense, net.... ............ Income tax expense (% pretax income)..... .....6% .47.3% 33.4% . $145,000 . 35%