Last Year $ 5,555,600 3,514,000 2,041,600 McKenzie Sales, Limited Comparative Income Statement This Year Sales $ 7,310,000 Cost of goods sold 4,630,000 Gross margin 2,680,000 Selling and administrative expenses Selling expenses 1,388,000 Administrative expenses 704,500 Total expenses 2,092,500 Net operating income 587,500 Interest expense 106,000 Net income before taxes $ 481,500 1,082,000 616,500 1,698,500 343, 100 84,000 $ 259,100 Members of the company's board of directors are surprised to see that net Income increased by only $222,400 when sales increased by $1754,400 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (.e. 0.1234 should be entered as 12.3).) This Year % % 0.0 % Last Year % % 0.0% % Sales Cost of goods sold Gross margin Selling and administrative expenses Seling expenses Administrative expenses Total soling and administrative expenses Net operating incomo Interest expense Net Income before taxes % % 0.01% 0.0 % 0.0 % 00% % % 001% 00%