Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhills data are expressed in dollars. The electronics industry averages are expressed in percentages. Tannenhill Company Electronics Industry Average Sales $2,580,000 100 % Cost of merchandise sold 1,780,200 73 Gross profit $799,800 27 % Selling expenses $464,400 15 % Administrative expenses 180,600 6 Total operating expenses $645,000 21 % Income from operations $154,800 6 % Other revenue and expense: Other revenue 51,600 2 Other expense (25,800) 1 Income before income tax expense $180,600 7 % Income tax expense 77,400 5 Net income $103,200 2 % Question Content Area 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 $2,580,000 fill in the blank 3337b1054fae00d_1 % 100.0% Cost of merchandise sold 1,780,200 fill in the blank 3337b1054fae00d_2 % 73% Gross profit $799,800 fill in the blank 3337b1054fae00d_3 % 27% Selling expenses $464,400 fill in the blank 3337b1054fae00d_4 % 15% Administrative expenses 180,600 fill in the blank 3337b1054fae00d_5 % 6% Total operating expenses $645,000 fill in the blank 3337b1054fae00d_6 % 21% Income from operations $154,800 fill in the blank 3337b1054fae00d_7 % 6% Other revenue and expense: Other revenue 51,600 fill in the blank 3337b1054fae00d_8 % 2% Other expense (25,800) fill in the blank 3337b1054fae00d_9 % 1% Income before income tax $180,600 fill in the blank 3337b1054fae00d_10 % 7% Income tax expense 77,400 fill in the blank 3337b1054fae00d_11 % 5% Net income $103,200 fill in the blank 3337b1054fae00d_12 % 2% Question Content Area b. The company is managing the cost of manufacturing product than the industry, and has slightly selling and administrative expenses relative to the industry. The combined impact causes net income as a percent of sales to be than the industry average.