Common-Sized Income Statement Revenue and expense data for the current calendar year for Sorenson Electronics Company and for the electronics industry are as follows. The Sorenson Electronics Company data are expressed in dollars. The electronics industry averages are expressed in percentages. Sorenson Electronics Company $2,575,260 65,260 Electronics Industry Average 102.6 % Sales Sales returns and allowances 2.6 Net sales Cost of goods sold Gross profit $2,510,000 1,330,300 $1,179,700 $753,000 276,100 Selling expenses Administrative expenses Total operating expenses $1,029,100 $150,600 Operating income Other income 50,200 AVNOG $200,800 Other expense 25,100 Income before income tax Income tax $175,700 75,300 $100,400 Net Income a. Prepare a common-sized income statement comparing the results of operations for Sorenson Electronics Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Sorenson Electronics Company Common-Sized Income Statement Sorenson Electronics Company Amount Sorenson Electronics Company Percent Electronics Industry Average Sales $ 2,575,260 102.6 Sales Returns & Allowances 65,260 2.6 Net sales $ 2,510,000 100.0 Cost of Goods Sold 1,330,300 58 Gross profit $ 1,179,700 Selling Expenses $ 753,000 Administrative Expenses 276,100 Total operating expenses $ 1,029,100 : 36 Operating income $ 150,600 Other Income 50,200 $ 200,800 Other Expense 25,100 Income before income tax $ 175,700 Income tax 75,300 Net income $ 100,400