1 nunA ORANG AMA Comparative Income Statement Sales Cost of goods sold Gross margin 3 Selling and administrative expenses points Administrative expenses This Year $ 7,340,000 4,660,000 2,680,000 1,370,000 707,000 Last Year $ 5,578,400 3,515,500 2,062,900 1,075,500 eBook Hint Print References Selling expenses Total expenses Net operating income Interest expense Net income before taxes 2,077,000 603,000 104,000 $499,000 615,000 1,690,500 372,400 92,000 $ 280,400 Members of the company's board of directors are surprised to see that net income increased by only $218,600 when sales increased by $1,761,600. 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 100.0 % 100.0 % Cost of goods sold % % Gross margin 100.0 % 100.0 % Selling and administrative expenses Selling expenses % % Administrative expenses Total selling and administrative expenses % % 0.0 % 0.0 % Net operating income Interest expense Net income before taxes 100.0 % 100.0 % % % 100.0% 1000