2 166 points Exercise 14-1 Common-Size Income Statement [LO14-1] A comparative income statement is given below for McKenzie Sales, Ltd, of Toronto 02:17:12 Mckenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $7,360,000 $5,593,600 Skipped Cost of goods sold 4,690,000 3,516,000 Gross margin 2,670,000 2,077,600 Selling and administrative expenses: Selling expenses 1,396,000 1,073,500 Administrative expenses 711,500 609,000 Total expenses eflook 2,107,500 1,682,500 Net operating incone 562,500 195,100 Interest expense Net income before taxes 96,000 $466,500 87,000 $ 300,100 Hind 01 Print References Members of the company's board of directors are surprised to see that net income increased by only $158,400 when sales increased by $1,766,400 Required: 1 Express each year's income statement in common-size percentages (Round your percentage answers to 1 decimal place (i... 0.1234 should be entered as 12.3).) This Yea Sales Cost of goods sold %6 Gross margin 00% 0.0 % Selling and administrative expenses Selling expenses 1% %6 Administrative expenses % % Total selling and administrative expenses 00% 0.0% Net operating income 100% 0.0% Interest expense % Net income before taxes 00% 0.0 %