In Need Of Help On Project (Income Statement )

Your COGS are going to include anything that's associated with producing a product. It could be the raw material used in making the product, labor used to produce the item or electricity to run power to the item. Any cost that goes into that product need to be outlined in your COGS.

I'll let someone else detail gross rev / income.

Confuse your teacher and do a construction company and implement poc accounting. You get to recognize revenue whenever you want.

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I've seen a lot of different companies P&L's. Most, regardless of industry, end up doing whatever the frick they want. They just make it up as they go.

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So true. Even the largest companies have some strange forecasting methods.

On the revenue side, try to take into account seasonality as much as you can and then apply an expected growth rate (see if you can find peers or similar life stage companies...startups would expect higher growth rates than mature businesses, smaller companies experience greater CAGR than big companies given the smaller revenue base to start).

You just need to have some assumptions explaining why you think that the growth rate will be X%...break down that x% into drivers. Distribution and availability, pricing, promotion, placement, product enhancement (4Ps of marketing), licensing, franchising, etc...depends on the business model for what it driving revenue.