A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: Sales McKenzie Sales,...

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A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: Sales McKenzie Sales, Limited Comparative Income Statement This Year $ 7,380,000 4,710,000 2,670,000 Last Year $ 5,608,800 3,515,500 2,093,300 1,390,000 1,076,500 709,500 609,500 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Total expenses Net operating income Administrative expenses Interest expense Net income before taxes 2,099,500 570,500 100,000 1,686,000 407,300 93,000 $ 470,500 $ 314,300 The company's board of directors is surprised to see net income increased by only $156,200 when sales increased by $1,771,200. Required: 1. Express each year's income statement in common-size percentages. Note: Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3). Sales Cost of goods sold Gross margin This Year Last Year % % % % % % A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: Sales McKenzie Sales, Limited Comparative Income Statement This Year $ 7,380,000 4,710,000 2,670,000 Last Year $ 5,608,800 3,515,500 2,093,300 1,390,000 1,076,500 709,500 609,500 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Total expenses Net operating income Administrative expenses Interest expense Net income before taxes 2,099,500 570,500 100,000 1,686,000 407,300 93,000 $ 470,500 $ 314,300 The company's board of directors is surprised to see net income increased by only $156,200 when sales increased by $1,771,200. Required: 1. Express each year's income statement in common-size percentages. Note: Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3). Sales Cost of goods sold Gross margin This Year Last Year % % % % % %