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Last Year $5,555,600 3,515,000 2,840,600 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,310,000 Cost of goods sold 4,780,000 Gross margin 2,530,000 Selling and administrative expenses: Selling expenses 1,396,000 Administrative expenses 704,500 Total expenses 2,100,500 Net operating income 429,500 Interest expense 183,000 Net income before taxes $ 326,500 1,076,500 609,500 1,686,000 354,600 93,000 $ 261,600 Members of the company's board of directors are surprised to see that net income increased by only $64,900 when sales increased by $1,754,400. 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 % % 0,0 % Last Year % % 0.0 % % Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Not Income before taxes % % 0.0 % ell % 0.0% 0.0 % 0.0 % % 0.0% % 0.0%