averages are expressed in percentages. Tannenhill Company Electronics Industry Average $770,000 100 % 523,600 74 26 % 14 % Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other revenue $246,400 $146,300 53,900 $200,200 6 20 % $46,200 6 % 15,400 GON 8 % $61,600 7,700 1 other expense Income before income tax Income tax expense 7 % $53,900 23,100 $30,800 5 Net income 2 % a. Prepare a common-sized Income statement comparing the results of operations for Tannenhill Company with the industry a amounts as positive numbers. Tannenhill Company Carmen ci- detaman. Check Mock more Charlie Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Tannenhill Tannenhill Electronics Company Company Industry Amount Percent Average $770,000 % 100.0% Sales Cost of goods sold 523,600 % 74% Gross profit $246,400 % 26% Selling expenses $146,300 % 14% Administrative expenses 53,900 % 6% Total operating expenses $200,200 % 20% > Income from operations $46,200 % 6% Other revenue 15,400 % 2% + $61,600 % 8% Other expense 7,700 % 1% Income before income tax $53,900 % Income tax expense 7% 23,100 % 5% Net income $30,800 % 2%