Last Year $5,616, 400 3,510,000 2,106,400 Comparative Income Statement This Year Sales $7,390,000 Cost of goods sold 4,720,000 Gross margin 2.670,000 Selling and administrative expenses: Selling expenses 1,391,000 Administrative expenses 705,500 Total expenses 2,096,500 Net operating income 573,500 Interest expense 102,000 Net income before taxes $ 471,500 1,074,500 617,000 1,691,500 414,900 86.000 $ 328,900 Members of the company's board of directors are surprised to see that net income increased by only $142,600 when sales increased by $1,773,600. 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 Last Year 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