Otto's Auto Sales Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Average Otto's Net sales Cost of goods sold Gross profit Operating expenses Operating income Other expenses Net income 955,100| 651,400 303,700 217,800 85,900 11,500 $74,400 100.0 % 64.3 % 357 % 27 3% 8.4 % 1.1 % 13%