Revenue and expense data for the current calendar year for Lyons Electronics Company and for the electronics industry are as follows. Lyons Electronics Company data are expressed in dollars. The electronics industry averages are expressed in percentages.

a. Prepare a common-sized income statement comparing the results of operations for Lyons Electronics Company with the industry average.
b. Comment on significant relationships revealed by the comparisons.

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ICS Electronics Cost of goods sold 2 3,375,000 3 2 Administrative expenses Total operatingexpenses Operating income Other revenue and expense: 2,775,000) 5 Other revenue Other expense Income before income tax