prepare income statement in comparative form, stating each item for both 2008 & 2007 as a percent of sales round 1 decimal place 2008 2007 sales $750,000 $600,000 cost of goods sold (COGS) $450,000 312,000 selling expenses $120,000 126,000 administrative expenses 105,000 84000 income tax expenses $37,500 30000