PROBLEM Required: percentages using Year 1 as the base year (round to nearest percentage): Express the following income statement information in common-size percentages and in trend ANSWER: Boxham Co Comparative Income Statement For the Years Ended December 31, Tread Percentage Common Size Year 1 Year 2 Year 1 Year 2 Year 1 Year 2 Sales $450,000 5445,000 100.0 Cost of goods sold 175,000 185.000 To -5% Gross profit $275,000 $260,000 6% 99% Operating expenses 65.400 42.000 56% Operating income $209,600 $218,000 -4%