Find missing values on income statement (Learning Objective 4)

A skeleton of Heirloom Mills’ income statement appears as follows (amounts in thousands):

Use the following ratio data to complete Heirloom Mills’ income statement:

a. Inventory turnover was 5.5 (beginning inventory was $790; ending inventory was $750).

b. Rate of return on sales is 0.095.

Net sales HEIRLOOM MILLS Income Statement Year Ended December 31, 2007 Cost of goods sold.............. Selling and administrative expenses....... Interest expense.......... Other expenses....... Income before taxes Income tax expense...... Net income... $7,200 (a) 1,710 (b) 150 1,000. (c) $ (d)