Last Year $ 5,578,400 3,514,500 2,063,900 McKenzie Sales, Limited Comparative Income Statement This Year Sales $ 7,340,000 Cost of goods sold 4,660,000 Gross margin 2,680,000 Selling and administrative expenses : Selling expenses 1,377,000 Administrative expenses 705,500 Total expenses 2,082,500 Net operating income 597,500 Interest expense 100,000 Net income before taxes $ 497,500 1,076,000 612,000 1,688,000 375,900 88,000 $ 287,900 Members of the company's board of directors are surprised to see that net income increased by only $209,600 when sales increased by $1,761,600. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.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: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes % % 0.0 % 0.0 % % 0.0 % % % 0.0 % 0.0 % % 0.0 %