Perry Company and Jermaine Corporation are competitors. (Click the icon to view the income statements.) Compare the two companies by converting their condensed income statements to common-size statements. its net sales? Explain your answer. X pntage of Data table Begin by converting the condensed income statements to common size. (Round your answers to the nearest (In millions) (In millions) Perry Jermalne Perry Jermaine 15,000 $10,000 S Percent Percent Amount 15,000 Amount $ 10,000 6,600 $ % % 8,850 4,230 2,020 8,850 % 6,600 % % Net sales Cost of goods sold Selling and administrative expenses Interest expense Other expenses Income tax expense 30 Net sales Cost of goods sold Selling and administrative expenses Interest expense Other expenses 60 4,230 % 2,020 % 75 30 % 60 % 80 340 660 75 % % 80 340 S 1,155 $ 900 660 Income tax expense % % Net income $ 1,155 $ $ 900 Net Income % yo % ( Print Done