Use the following information to perform a vertical analysis and check if selling, general, and administrative (SG&A) expenses are in line with the industry average of 37 percent. Show all percentages rounded to one decimal place.

                                       KONE CORP.
                                  Income Statement
                      For the year ended November 30, 2020
Net sales ............................................................................ $310,550
Cost of goods sold ............................................................. 148,800
Gross margin ...................................................................... 161,750
Selling, general, and administrative expenses ............... 107,150
Income from operations .................................................... 54,600
Income tax expense ........................................................... 20,725
Net income ....................................................................... $ 33,875