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9-1 10 points Cigar City Inc reported the following operating results for two consecutive years. 2020 Sales Amount 8,000,000 Cost of Goods Sold 5,600,000 Gross
9-1 10 points Cigar City Inc reported the following operating results for two consecutive years. 2020 Sales Amount 8,000,000 Cost of Goods Sold 5,600,000 Gross Margin 2,400,000 Operating Expenses 1,160,000 Operating Income 1,240,000 Interest Income/(Expense) 50,000 PreTax Income 1,290,000 Income Taxes Net Income 260,400 1,029,600 2021 Amount Sales 10,000,000 Cost of Goods Sold Gross Margin Operating Expenses 6,400,000 3,600,000 1,400,000 Operating Income 2,200,000 Interest Income/(Expense) 30,000 PreTax Income 2,230,000 Income Taxes 528,000 Net Income 1,702,000 REQUIRED Express each income statement component for each of the two years as a percent of sales. in a single chart
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