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#cfa-level-1 #reading-25-understanding-income-statement
For manufacturing and merchandising companies, gross profit is a relevant item
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2. COMPONENTS AND FORMAT OF THE INCOME STATEMENT
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 multi-step format, whereas the Groupe Danone income statement is in a single-step format. <span>For manufacturing and merchandising companies, gross profit is a relevant item and is calculated as revenue minus the cost of the goods that were sold. For service companies, gross profit is calculated as revenue minus the cost of services that were provided. In s


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