Adolph Coors Company, established in 1873, is the third-largest brewer of beer in the United States.

Its products include Coors, Coors Light, ZIMA, and many other malt beverages. Recently, Coors discontinued its ceramics, aluminum, packaging, and technology-based developmental businesses. In the same year, it reported two changes in accounting methods mandated by the FASB. The items reported on its income statement for that year (ended December 26) are presented here (in thousands) in alphabetical order:

Required:
Using appropriate headings and subtotals, prepare a multiple-step consolidated income statement (showing gross profit, operating income, and any other subheadings you deem appropriate).

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Cost of goods sold Cumulative effect of change in accounting for income taxes Cumulative effect of change in accounting for post-retirement benefits (net of tax) $1,035,544 30,500 (38,800) Income tax expense 22,900 Interest expense 16,014 Interest income 255 Marketing, general and administrative 429,573 Miscellaneous income-net 1,087 Net loss from discontinued operations 29,415 Net sales 1,550,788 Research and project development 12,370