Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:

Current Year Previous Year

Sales $4,000,000 $3,600,000

Cost of goods sold 2,280,000 1,872,000

Selling expenses 600,000 648,000

Administrative expenses 520,000 360,000

Income tax expense 240,000 216,000

a.Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage.