Common-Sized Income Statement Revenue and expense data for the current calendar year for Sorenson Electronics Company...

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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. Sorenson Electronics Company data are expressed in dollars. The electronics industry averages are expressed in percentages. Sorenson Electronics Electronics Industry Company Average Sales $920,000 100 % Cost of goods sold (506,000) (60) Gross profit $414,000 40 % Selling expenses $(248,400) (17) % Administrative expenses (101,200) (17) Total operating expenses $(349,600) (34) % Operating income $64,400 6% Other revenue and expense: Other revenue 18,400 Other expense (9,200) Income before income tax $73,600 Income tax expense (27,600) Net income $46,000 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. Sorenson Electronics Company data are expressed in dollars. The electronics industry averages are expressed in percentages. Sorenson Electronics Electronics Industry Company Average Sales $920,000 100 % Cost of goods sold (506,000) (60) Gross profit $414,000 40 % Selling expenses $(248,400) (17) % Administrative expenses (101,200) (17) Total operating expenses $(349,600) (34) % Operating income $64,400 6% Other revenue and expense: Other revenue 18,400 Other expense (9,200) Income before income tax $73,600 Income tax expense (27,600) Net income $46,000