6a)
Fill in the missing values for the income statement below given the following information:
Gross margin is 33%
Net Margin is 10%
Manufacturing Overhead is 10% of Direct Materials Cost
Tax rate is 20%
Tesla, Inc
Income Statement (10-Q)
Six Months Ended June 30, 2019
(in millions)
Sales revenue
Less: Cost of goods sold
Direct materials
$ 110,000
Direct labor
$ 43,795
Manufacturing overhead
Total cost of goods sold
Gross profit
Less: Operating expenses
Research and Development
$ 6,820
General and administrative expenses
Restructuring and Other
$ 4,000
Total operating expenses
Earnings before interest and taxes
Interest expense
$ 1,500
Income before income taxes
Income tax expense
NET INCOME