possible The following income statement information is available for two different companies within the same industry Net Sales Cost of Goods Sold Gross Profit Smith Jones $8,000 $55,000 3,000 33,000 5,000 22,000 Operating Expenses: Selling Expenses 400 600 Administrative Expenses 600 800 Total Operating Expenses 1,000 1,400 Operating Income 4,000 20,600 Other Income and (Expenses): Interest Expense (200) (600) Total Other Income and (Expenses) (200) (600) Income Before Income Taxes 3,800 20,000 Income Tax Expense 1,000 5,000 Net Income $2,800 $15,000 When preparing a common-size statement, what is the percentage of gross profit for Smith Company and Jones Company? Operating Expenses: Selling Expenses Administrative Expenses 400 600 600 800 Total Operating Expenses 1,000 1,400 A. 50% and 37.45% B. 37.5% and 60% OC. 62.5% and 40% OD. 35% and 27.27%