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 Company Industry Average Sales $2,410,000 100 % Cost of goods sold 1,687,000 Gross profit $723,000 Selling expenses $409,700 Administrative expenses 168,700 Total operating expenses $578,400 Operating income $144,600 Other Income 48,200 $192,800 Other expense 24,100 Income before income tax $168,700 Income tax expense 72,300 Net Income $96,400 annen Company with the industry average. If required, round percentages to one a. Prepare a common-sized income statement comparing the results of operation decimal place. Enter all amounts as positive numbers. Tannenhill Company Common-Sized Income Statement 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 Electronics Industry Average Sales $2,410,000 100.0% Cost of goods sold 1,687,000 76% Gross profit $723,000 Selling expenses $409,700 13% Administrative expenses 168,700 Total operating expenses $578,400 18% Operating income $144,600 Other income 48,200 $192,800 Other expense 24,100 Income before income tax $168,700 Income tax expense 72,300 Net Income $96,400 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 selling and administrative than the industry average