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

	Current Year		Previous Year
Sales	$405,000		$360,000
Cost of goods sold	226,800		180,000
Selling expenses	72,900		72,000
Administrative expenses	76,950		64,800
Income tax expense	12,150		18,000

a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.

Current year Amount

Current year Percent

Previous year Amount

Previous year Percent

Sales	$405,000	fill in the blank 37fb9cff1034070_1%	$360,000	fill in the blank 37fb9cff1034070_2%
Cost of goods sold	226,800	fill in the blank 37fb9cff1034070_3%	180,000	fill in the blank 37fb9cff1034070_4%
Gross profit	$fill in the blank 37fb9cff1034070_6	fill in the blank 37fb9cff1034070_7%	$fill in the blank 37fb9cff1034070_8	fill in the blank 37fb9cff1034070_9%
Selling expenses	72,900	fill in the blank 37fb9cff1034070_10%	72,000	fill in the blank 37fb9cff1034070_11%
Administrative expenses	76,950	fill in the blank 37fb9cff1034070_12%	64,800	fill in the blank 37fb9cff1034070_13%
Total operating expenses	$fill in the blank 37fb9cff1034070_15	fill in the blank 37fb9cff1034070_16%	$fill in the blank 37fb9cff1034070_17	fill in the blank 37fb9cff1034070_18%
Income from operations	fill in the blank 37fb9cff1034070_20	fill in the blank 37fb9cff1034070_21%	fill in the blank 37fb9cff1034070_22	fill in the blank 37fb9cff1034070_23%
Income tax expense	12,150	fill in the blank 37fb9cff1034070_24%	18,000	fill in the blank 37fb9cff1034070_25%
Net income	$fill in the blank 37fb9cff1034070_27	fill in the blank 37fb9cff1034070_28%	$fill in the blank 37fb9cff1034070_29	fill in the blank 37fb9cff1034070_30%