Last Year $5,570,800 3,513,500 2,057,300 McKenzie Saleny Ita. Comparative Income Statement This Year Sales $7,330,000 Cost of goods sold 4,620,000 Gross margin 2,710,000 Selling and administrative expenses: Selling expenses 1,377.000 Administrative expenses 707,000 Total expenses 2,084,000 Net operating income 626,000 Interest expense 203,000 Net income before taxes $ 523,000 1,079,500 615,500 1,695,000 362,300 91,000 $ 271,300 Members of the company's board of directors are surprised to see that net income increased by only $251,700 when sales in increased by $1,759,200. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (ie. 0.1234 should be entered as 12.3).) Last Year % This Year % % 0.0% % 0.01% % 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 % 0.01% 00 0.0 % 0.0 % 0.0% 0.0 %