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KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2019 2018 2017 Sales $555,000 $340,000 $278.000 Cost of goods sold 283.500 212.500 153.900 Gross profit 271,500 127.500 124,100 Selling expenses 102.900 46,920 50.800 Administrative expenses 50,668 29.920 22.800 Total expenses 153.568 -6.840 73,600 Income before taxes 117.93250,660 50.500 Income tax expense 40,800 10.370 15.670 Net income $ 77,132 $ 40,290 S 34.830 1. Express the income statement data in common size percents, rounding to two decimal places KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31 2019 2018 2017