An excerpt from the income statement from the 2001 annual report of Alcoa, Inc. is provided below.

For the year ended December 31, ..............2001

(In millions except share amounts)

Revenues

Sales ..........................$22,859

Other income, net .....................308

............................23,167

Costs and expenses

Cost of goods sold ....................17,857

Selling, general, administrative, and other expenses .........1,276

Research and development expenses ...............203

Provision for depreciation, depletion, and amortization .......1,253

Interest expenses ......................371

Other expenses ......................566

...........................21,526

Earnings

Income before taxes on income .....................1,641

Provision for taxes on income .................525

Income from operations .................$ 1,116

Minority interests’ share ..................(208)

Net income .........................$ 908

Earnings per common share ................$ 1.06

Briefly explain each item presented on the income statement. (Minority interest may be ignored if you are not studying the Other Topics section at the end of the chapter.) How much gross profit and operating income did Alcoa report for 2001?