Last Year $5,608,800 3,509,000 2,099,800 Comparative Income Statement This Year Sales $7,380,000 Cost of goods sold 4,750,000 Gross margin 2,630,000 Selling and administrative expenses Selling expenses 1,397,000 Administrative expenses 703.000 Total expenses 2,100,000 Net operating income 530,000 Interest expense 105,000 Net income before taxes $ 425,000 1,079,000 610,000 1,689,000 410.800 86,000 $ 324,800 Members of the company's board of directors are surprised to see that net income increased by only $100,200 when sales increased by $1,771,200. Required: 1. Express each year's income statement in common size percentages. (Round your percentage answers to 1 decimal place fi.e., 0.1234 should be entered as 12.3).) This Year Last Year IR 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 001 0.01 0.0% 0.0%