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#cfa-level-1 #reading-25-understanding-income-statement
One subtotal often shown in an income statement is gross profit or gross margin (that is revenue less cost of sales).
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2. COMPONENTS AND FORMAT OF THE INCOME STATEMENT
our and material costs, depreciation, some salaries (e.g., salespeople’s), and other direct sales related expenses.8 Both Danone and Kraft present their expenses by function, which is sometimes referred to “cost of sales” method. <span>One subtotal often shown in an income statement is gross profit or gross margin (that is revenue less cost of sales). When an income statement shows a gross profit subtotal, it is said to use a multi-step format rather than a single-step format . The Kraft Foods income statement is an example of the


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