Revenue and expense data for Jazz-Tech Communications Co. are as follows:

a. Prepare an income statement in comparative form, stating each item for both 2008 and 2007 as a percent of sales. Round to one decimal place.

b. Comment on the significant changes disclosed by the comparative income statement.objs. 2, 3

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2008 2007 Sales $750,000 $600,000 Cost of goods sold 450,000 312,000 Selling expenses 120,000 126,000 Administrative expenses 105,000 84,000 Income tax expense 37,500 30,000