Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Electronics Tannenhill Industry Company Average $2,360,000 Sales 100 % Cost of goods sold 1,581,200 73 Gross profit $778,800 27 % Selling expenses $448,400 15 % Administrative expenses 188,800 6 Total operating expenses $637,200 21 % Operating income $141,600 6 % Other revenue 47,200 2 $188,800 8 % Other expense 23,600 1 Income before income tax $165,200 7 % Income tax expense 70,800 4 $94,400 3 % Net income a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Tannenhill Tannenhill Electronics Company Percent Industry Average Company Amount 100.0% Sales $2,360,000 % 1,581,200 73% Cost of goods sold % $778,800 27% Gross profit % Selling expenses $448,400 15% % 188,800 6% Administrative expenses % $637,200 21% Total operating expenses Income from operations $141,600 6% % 47,200 2% Other revenue % 8% $188,800 % 23,600 1% Other expense $165,200 Income before income tax % 7% % 70,800 4% Income tax expense $94,400 % 3% Net income than the industry, and has slightly b. The company is managing the cost of manufacturing product selling and administrative expenses relative to the industry. The combined impact causes net income as a percent of sales to be than the industry average