Electronics Tannenhill Industry Company Average Sales $2,050,000 100 % Cost of goods sold 1,312,000 68 Gross profit $738,000 Selling expenses $451,000 18 % Administrative expenses 164,000 Total operating expenses $615,000 26 % Operating income $123,000 Other income 41,000 $164,000 Other expense 20,500 Income before income tax $143,500 Income tax expense 61,500 Net income $82,000 2% a. Prepare a common-sized income statement comparing the results of operations for Tannenhil Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Tannenhl Company Common-Sived Income Statement For the Year Ended December 31 Tannenhil Company Amount Tannerhl Company Peroent Electronics Industry Average Sales $2,050,000 100.0% Tarnenhil Company Common Sized Income Statement For the Year Ended December 31 Tannenhl Company Amount Tannenhil Company Percent Electronics Industry Average Sales $2,050,000 100.0% Cost of goods sold 1,312,000 68% Gross profit $738,000 32% Selling experses $451,000 18% Administrative experses 164,000 8% Total operating expenses 615,000 26% Operating income $123,000 Other income 41,000 $164,000 Other expense 20,500 Income before income tax $143,500 Income tax epense 61,500 $82,000 Net income b. The company is managing the cost of manufacturing product than the industry, and has slightly selling and administrative expenses relative than the industry average. to the industry. The combined impact causes net income as a percent of sales to be