Common-Sized Income Statement Revenue and expense data for the current calendar year for Dawg Electronics Company and for the electronics industry are as follows. Dawg Electronics Company data are expressed in dollars. The electronics industry averages are expressed in percentages. Dawg Electronics Electronics Industry Company Average Sales $3,750,000 100% Cost of goods sold (2,062,500) (61.0) Gross profit $1,687,500 35.0 % Selling expenses $1,125,000) (23.0)% Administrative expenses (262,500) (10.0) Total operating expenses $1,387,500) (33.0)%> Operating income $300,000 6.0% Other revenue and expense Other revenue 15,000 3.0 Other expense $3,750) (10) Income before income tax $311,250 8.0% Income tax expense (93,750) (2.5) $217,500 Net income 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. Sales Cost of goods sold Dawg Electronics Company Common-Sized Income Statement Dawg Electronics Dawg Electronics Company Amount Company Percent $3,750,000 (2,062,500) Electronics Industry Average 100.0% (61.0% Gross profit $1,687,500 30.0% Seling expenses (1,125,000) (23.07% Administrative expenses (262.500) (10.0% Total operating expenses (1,367,500) (33.09% Operating income $300,000 6.0% Other revenue and expense: Other revenue 15,000 3.0% Other expense (3,750) (1.07% Income before income ta $311,250 8.0% Income tax expens (93,750) 12.57% Net income $217,500 5.5% b. Which of the following statements is true about Dawg Electronics Company