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 The electronics Industry averages are expressed in percentages. Tannenhill Company Electronics Industry Average 100 % $1,870,000 1,309,000 $561,000 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating Income Other income $317.900 130,900 $448,800 $112,200 37,400 Other expense Income before income tax $149.600 18,700 $130.900 56,100 Income tax expense $74,800 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 e decimal place. Enter all amounts as positive numbers eBook Show Me How Calculator Net Income $74,800 a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percer one decimal place. Enter all amounts as positive numbers. Tannenhill Company Common-Sired Income Statement For the Year Ended December 31 Tannenhill Company Amount Tannenhill Company Percent Electronics Industry Average Sales $1,870,000 100.0% Cost of goods sold 1,309,000 $ $ $ $ $ Gross profit $561,000 Selling expenses $317,900 Administrative expenses 130,900 Total operating expenses $18.800 Operating income $112.200 Other income 37.400 $149.500 Other expense 18,700 Income before income tax 130.900 Income tax expense 56.100 Net Income 574,800 $ seling and administrative than the industry average b. The company is managing the cost of manufacturing product than the industry, and has slightly expenses relative to the industry. The combined impact causes net income as a percent of sales to be