Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. Th electronics industry averages are expressed in percentages. Electronics Tannenhill Industry Company Average Sales $1,490,000 100 % Cost of goods sold 1,043,000 74 Gross profit $447,000 26 % Selling expenses $253,300 14% Administrative expenses 104,300 Total operating expenses $357,600 20% Operating income $89,400 6% Other revenue 29,800 2 $119,200 8% Other expense 14,900 1 Income before income taxi $104,300 7% Income tax expense 44,700 $59,500 5 2% Net income a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Check My Work Next > All work saved. Email Instructor Save and Exit Submit Assignment for Grading Common-Sized Income Statement For the Year Ended December 31 Tannenhill Tannenhill Electronics Company Company Industry Amount Percent Average Sales $1,490,000 % 100.0% Cost of goods sold 1,043,000 % 74% Gross profit $447,000 % 26% Selling expenses $253,300 % 10 14% Administrative expenses 104,300 20 % 6% Total operating expenses $357,600 % 20% Income from operations $89,400 % 6% Other revenue 29,800 % 2% $119,200 % 8% Other expense 14,900 % 1% Income before income tax $104,300 % 7% Income tax expense 44,700 % 5% Net income $59,600 % 2% Feedback Check My Work a. Show each item as a percentage of net sales. L The company in managing the cost of manufacturing product hotter than the induct