M12-11. Forecast an Income Statement AutoZone Inc. reports the following income statements. Consolidated Statement of Income (Sin 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. Net income ..... 12 Months Ended Aug. 27, 2016 $10,635,676 5,026,940 5,608,736 .3,548,341 2,060,395 147,681 1,912,714 671,707 .$11,241,007 Forecast AutoZone's 2017 income statement assuming the following income statement relations ($ 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%