Income Statement
		For years ended December 31
				2020	2019	2018
Sales				$ 148,000	$ 136,000	$ 118,000
Cost of goods sold				89,096	85,000	75,520
Gross profit from sales				58,904	51,000	42,480
Selling expenses				20,898	18,768	15,576
Administrative expenses				13,379	11,968	9,735
Total operating expenses				34,277	30,736	25,311
Income before taxes				24,627	20,264	17,169
Income taxes				4,588	4,148	3,481
Net income				$ 20,039	$ 16,116	$ 13,688
Required:
1	Express the income statement in common-size percents
Analysis component:
Comment on any significant relationships revealed by the ratios and percentages