In 2017, Colgate-Palmolive Company reported sales revenue of $15.454 million and cost of goods sold of $6.099 million. Its net income was $2.024 million. Calculate gross profit and prepare an income statement using the format illustrated in Exhibit 1.8.

 Exhibit 1.8

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EXHIBIT 1.8 Income Statement with Gross Profit Subtotal (S millions) NIKE Income Statement For Year Ended May 31, 2018 Revenues $36,397 Cost of products including - Cost of goods sold Gross profit... 20.441 materials, labor, and overhead %3D 15.956 Other expenses incduding income taxes 14,023 = Net income (or loss) ... $ 1,933