EX 15-3 Common-sized income statement Revenue and expense data for the current calendar year for Shoesmith Electronics Company and for the electronics industry are as follows. The Shoesmith Electronics Company data are expressed in dollars. The electronics industry averages are expressed in percentages Shoesmith Electronics Electronics Industry Average Company $4,200,000 Sales 105.0% Sales returns and allowances 5.0 200,000 Net sales $4,000,000 100.0% Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income 2,120,000 $1,880,000 $1,160,000 480,000 $1,640,000 $ 240,000 84,000 $324,000 59.0 41.0% 24.0% 10.5 34.5% 6.5% 2.1 Other income 8.6% Other expense 60,000 1.5 $ 264,000 Income before income tax 7.1% Income tax 120,000 6.0 Net income $144,000 1.1% a. Prepare a common-sized income statement comparing the results of operations for Shoesmith Electronics Company with the industry average. Round to one decimal place As far as the data permit, comment on significant relationships revealed by b. the comparisons