Exercise 13-4 Common-size percent computation and interpretation LO P2

Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.)

GOMEZ CORPORATION
Comparative Income Statements
For Years Ended December 31, 2017 and 2016
	2017		2016
	$	%	$	%
Sales	$785,000		$680,000
Cost of goods sold	560,000		284,400
Gross profit	225,000		395,600
Operating expenses	129,200		250,400
Net income	$95,800		$145,200