Problem 14.1A Campers, Inc., manufactures camping equipment. Shown below for the current year are th income statement for the company and a common size summary for the industry in which the company operates. (notice that the percentages in the right-hand column are not for Campers, Inc., but are the average percentages for the industry.) Sales (net)........................................ . Cost of goods sold........... Gross profit on sales................................... Operating expenses: Selling...................... General and administrative... Total operating expenses......................... Operating income.............................. Income tax expense......... Net income........ Return on assets..................... Instructions Campers, Inc. 9 800 ooo $10.200.ooo 3 400 ooo $7.600.ooo 1 200 ooo 1 400 oo 239/ Industry Average 100% 57 43% 20 7% 3 149/ a. Prepare a two-column common size income statement. The first column should show for Campers, Inc., all items expressed as a percentage of net sales. The second column should show the equivalent industry average for the data given in the problem. The purpose of thi common size statement is to compare the operating results of Campers, Inc., with the average for the industry.