ome: 25 EX 15-3 Common-sized income statement OBJ. 1 Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. The Tannenhill Company data are expressed in dollars. The electronics industry averages are expressed in percentages. ng A Rig Red May i Chapter 15 Financial Statement Analysis 733 Electronics Tannenhill Company $4,000,000 Industry Average 100.0% 60.0 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other income Other expense Income before income tax Income tax expense Net income 2,120,000 $1,880,000 $1,080,000 640,000 $1,720,000 $ 160,000 120,000 $ 280,000 80,000 $ 200,000 80,000 $ 120,000 a. Prepare a common-sized income statement comparing the results of opera- tions for Tannenhill Company with the industry average. Round to one decimal place. b. As far as the data permit, comment on significant relationships revealed by the comparisons.