A comparative income statement is given below for Mckenzie sales

A comparative Income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $7,400,000 $5,624,000 Cost of goods sold 4,770,000 3,513,500 Gross margin 2,630,000 2.110.500 Selling and administrative expenses Selling expenses 1,391,000 1,077,000 Administrative expenses 707.000 615,000 Total expenses 2,098,000 1,692,000 Net operating income 532,000 418,500 Interest expense 103,000 93,000 Not income before taxes $ 429,000 $ 325,500 Members of the company's board of directors are surprised to see that net income increased by only $103,500 when seles increased by $1,776,000 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).) Last Year This Year % % 0.0% % 0.0 % % 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 Net income before taxes % % 0.0% 0.0% % 0.01% 0.0 % 9 00% 0.0 %