Chapter 14 Graded Homework 2 Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses You skipped this question in the previous attempt. 2,570,000 2,064,300 1,377,000 707,000 1,073,000 609,000 2,084,000 1,682,000 486,000 382,300 88,000 14.28 points Net operating income Interest expense eBook Hint Print References Net income before taxes. 96,000 $390,000 $294,300 Members of the company's board of directors are surprised to see that net income increased by only $95,700 when sales by $1,759,200. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal ple 0.1234 should be entered as 12.3).) This Year Last Year. % % Sales Cost of goods sold % % Gross margin 0.0 % 0.0 % Selling and administrative expenses) Selling expenses % % Administrative expenses % % Total selling and administrative expenses 00 % 00 % Net operating income 0.0 % 00% Interest expense % % Net income before taxes: 0.0 % 0.0 %