1 A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year 1 Sales $7,300,000 Last Year $5,548,000 points Cost of goods sold 4,730,000 3,515,500 Gross margin 2,570,000 2,032,500 Selling and administrative expenses: Selling expenses 1,373,000 1,081,500 Administrative expenses 711,500 615,000 eBook Total expenses 2,084,500 1,696,500 Net operating income Interest expense 485,500 102,000 336,000 91,000 Hint Print References Net income before taxes $ 383,500 $ 245,000 Members of the company's board of directors are surprised to see that net income increased by only $138,500 when sales increased by $1,752,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) This Year Last Year Sales Cost of goods sold % % % % Gross margin 0.0 % 0.0 % Selling and administrative expenses: Selling expenses % Administrative expenses % % Total selling and administrative expenses 0.0 % 0.0 % Net operating income 0.0 % 0.0 % Interest expense % % Check my work