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Exercise 14-1 (Ago) Common-size income Statement LU14-1 A comparative Income statement is given below for McKenzie Sales, Limited, of Toronto: Mokonalo salon, nited Comparative Income Statement This Year Lant Year Sales 57,300.000 55,548,000 Coat of goods sold 4.630,000 3,515,000 Cross margin 2.670,000 selling and administrative expenses 2,033,000 Selling expenses 1,339.000 Administrative expenses 1.075,000 700.000 608,500 Total expenses 2.097,000 1.683.500 Het operating income 573,000 Interest expense 349,500 106,000 88.000 Net Encome before taxes $467.000 $ 261,500 Members of the company's board of directors are surprised to see that net income increased by only $205,500 when sales increased by $1,752.000 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).) Members of the company's board of directors are surprised to see that net income increased by only $205,500 when sales increas by $1,752,000 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (le, 0.1234 should be entered as 12.3).) Answer is complete but not entirely correct. This Year Lost Your Salos 100.0 % 100.0 % Cost of goods sold 65,6 % 63,3 % Gross margin 34.4 % 36.7 Selling and administrative expenses Selling expenses 18.93 % 19.3 % Administrative expenses 9.7% 11.0% Total selling and administrative expenses 28.6 30,3 % Net operating income 5.8 % % Interest expense 1.3 % 1.6% Not income before taxes 4.5 4.8 % 6.4