a. Prepare a common-sized income statement comparing the results of operations for Dawg Electronics Company with the industry average. If required, round percentages to one decimal place. Dawg Electronics Company Common-Sized Income Statement Dawg Electronics Dawg Electronics Company Amount Company Percent Electronics Industry Average Sales $2,300,000 100 % 100% Cost of goods sold (1,587,000) % (73)% Gross profit $713,000 % 27% Selling expenses $(391,000) % (11)% Administrative expenses (161,000) % (10)% Total operating expenses Operating income $(552,000) % (21)% $161,000 % 6% Other revenue and expense: Other revenue 46,000 % 4% Other expense (23,000) % (3)% Print Item Income before income tax $184,000 % 7% Income tax expense (69,000) % (4)% Net income $115,000 % 3% b. Which of the following statements is true about Dawg Electronics Company?