Last Year $ 5,548,000 3,512 500 2,035,500 Mckenzie Sales, Limited Comparative Income Statement This Year Sales $ 7,300,000 Cost of goods sold 4,750,000 Gross margin 2,550,000 Selling and administrative expenses: Selling expenses 1, 377,000 Administrative expenses 707,000 Total expenses 2,084,000 Net operating income 466,000 Interest expense 104,000 Net Income before taxes 5 362,000 1,076,500 613,000 1,689,500 346,000 89,000 5 257,000 Members of the company's board of directors are surprised to see that net income increased by only $105,000 when sales increased by $1752,000 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage onswers to 1 decimal place (i.e., 01234 should be entered os 12.3).) This Year Last Year % 0.01% 00% Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Net operating Income Interest expense Net Income before taxes 95 95 0019 00% 001% 00% 9 % 0000%