Outdoor World, Incorporated, manufactures camping equipment. Shown for the current year are the income statement for the company and a common size summary for the industry in which the company operates: Sales (net) Cost of goods sold Gross profit Operating expenses Selling General and administrative Total operating expenses Operating income Income tax expeme Net incone Return on assets Required: Outdoor World, Incorporated $ 20,000,000 9,900,000 $10,200,000 Industry Average 100 58 426 $ 4,200,000. 3,400,000 $7,600,000 168 20 1364 $ 2,600,000 1,200,000 $1,400,000 6 3 34 231 246 a. Prepare a two-column common size income statement. The first column should show for Outdoor World, Incorporated, all items expressed as a percentage of net sales. The second column should show the equivalent industry average for the data given in the problem. The purpose of this common size statement is to compare the operating results of Outdoor World, Incorporated, with the average for the industry. b. Does Outdoor World appear to be performing better or worse than the industry averages with respect to gross profit, selling expenses, general and administrative expenses, operating income, net income, and return on assets?