2 Last Year 55,616,400 3.512,000 2.104,400 2.5 points McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,390,000 Coat of goods sold 4,670,000 Gros margin 2,720,000 Selling and administrative expanson Selling expenses 1.398,000 Administrative expenses 704,000 Total expenses 2, 102,000 Net operating income 610,000 Interest expense 105,000 Net Income before taxe $ 513,000 Shipoed 1,079.000 610,500 1.689,500 414,900 94,000 $ 320,900 eBook HE Members of the company's board of directors are surprised to see that net income increased by only $192,100 when soles increased by $1.773,600 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place le 0.1234 should be entered as 12,3).) Pant Last Year rences This Year % % 0.01% 0.01% % Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses Total seling and administrative expenses Net operating income Interest expenso Net income before taxes > % % 0.0 % 0.0 % % 0.01% 0.0 % 0.01 0.01%