Express the following income statement information in common-size percents (round to nearest whole percent). Comment on the results.

Thent Corp.

Comparative Income Statements

For Years Ended December 31, 2022 and 2021

2022

2021

Sales....................................................................

$1,340,000 (2022)

$1,150,000 (2021)

Cost of goods sold....................................................................

954,000 (2022)

780,000 (2021)

Gross profit....................................................................

$ 386,000 (2022)

$ 370,000 (2021)

Selling expenses....................................................................

136,000 (2022)

126,000 (2021)

Administrative expenses....................................................................

178,000 (2022)

175,000 (2021)

Net income....................................................................

$ 72,000 (2022)

$ 69,000 (2021)