A comparative Income statement is given below for Mckenzie Sales, Ltd., of Toronto: Last Year $5,570, 800 3,513,500 2,057,300 la McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,330,000 Cost of goods sold 4,760,000 Gross margin 2,570,000 Selling and administrative expenses: Selling expenses 1,387,000 Administrative expenses 709,500 Total expenses 2,096,500 Net operating Income 473,500 Interest expense 104,000 Net Income before taxes 369,500 1,387,000 We 1,082,000 600,000 1,690,000 367,300 BB,000 $ 279,300 Wiki Members of the company's board of directors are surprised to see that net Income increased by only $90,200 when sales increased by $1,759,200. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (.e., 0.1234 should be entered as 12.3).) Answer is complete but not entirely correct. Last Years This Year 100.0% 64.9 % 35.11% 100.0 % 63.10% 36.9 % 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 INot incomo bofore yo 18.9 % 9.7 % 28.6% 6.5 % 1.31% 17.2% 9.0 X 1% 26.2 10.7 11.5% 6