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. Electronics Tannenhill Industry Company Average Sales $1,480,000 100 % Cost of goods sold 1,021,200 73 Gross profit $458,800 27 % Selling expenses $266,400 15 % Administrative expenses 103,600 6 $370,000 21 % Total operating expenses Operating income $88,800 6 % Other income 29,600 2 $118,400 8 % Other expense 14,800 1 Income before income tax $103,600 7 % Income tax expense 44,400 3 Net income $59,200 4 % 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 Tannenhill Company Amount Tannenhill Company Percent $1,480,000 % Electronics Industry Average 100.0% Sales Cost of goods sold 1,021,200 % 73% Gross profit $458,800 % 27% Selling expenses $266,400 % 15% Administrative expenses 103,600 % 6% Total operating expenses $370,000 % 21% Operating income % 6% $88,800 29,600 Other income % 2% $118,400 % 8% Other expense 14,800 % 1% Income before income tax $103,600 % 7% Income tax expense 44,400 % 3% Net income $59,200 % 4% = b. The company is managing the cost of manufacturing product than the industry, and has slightly administrative expenses relative to the industry. The combined impact causes net income as a percent of sales to be selling and than the industry average