Use the Percentage Sales Method and a 25% increase in sales to forecast Micro Chip’s Consolidated Statement of Operations for the period of September 26, 2008 through September 25, 2009. Assume a 15% tax rate and restructuring costs of 5% of the new sales figure. 2. Discuss your results from question number #1. What assumptions have you made? Do any of your assumptions seem unreasonable?
September 25, 2008 Sales
$8,334.00
Cost of Sales
$5,458.00
Gross Margin
$2,876.00
Operating expenses:
R & D
$525.00
Selling, General, and Administrative
$691.00
In‐process R & D
‐‐‐‐‐‐‐‐‐
Restructuring costs
‐‐‐‐‐‐‐‐‐
Total Operating Exp
$1,216.00
Operating income
$1,660.00
Total interest and other Income net
$194.00
Income before provision for Income taxes
$1,854.00
Provision for income Taxes (15%)
$278.10
Net income
$1,575.90
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