Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhills data are expressed in dollars. The electronics industry averages are expressed in percentages. Tannenhill Company Electronics Industry Average Sales $2,330,000 100 % Cost of merchandise sold 1,467,900 67 Gross profit $862,100 33 % Selling expenses $512,600 19 % Administrative expenses 209,700 8 Total operating expenses $722,300 27 % Income from operations $139,800 6 % Other revenue and expense: Other revenue 46,600 2 Other expense (23,300) 1 Income before income tax expense $163,100 7 % Income tax expense 69,900 5 Net income $93,200 2 % Question Content Area 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 Company Amount Tannenhill Company Percent Electronics Industry Average Sales $2,330,000 fill in the blank ee6796093f8d031_1 % 100.0% Cost of merchandise sold 1,467,900 fill in the blank ee6796093f8d031_2 % 67% Gross profit $862,100 fill in the blank ee6796093f8d031_3 % 33% Selling expenses $512,600 fill in the blank ee6796093f8d031_4 % 19% Administrative expenses 209,700 fill in the blank ee6796093f8d031_5 % 8% Total operating expenses $722,300 fill in the blank ee6796093f8d031_6 % 27% Income from operations $139,800 fill in the blank ee6796093f8d031_7 % 6% Other revenue and expense: Other revenue 46,600 fill in the blank ee6796093f8d031_8 % 2% Other expense (23,300) fill in the blank ee6796093f8d031_9 % 1% Income before income tax $163,100 fill in the blank ee6796093f8d031_10 % 7% Income tax expense 69,900 fill in the blank ee6796093f8d031_11 % 5% Net income $93,200 fill in the blank ee6796093f8d031_12 % 2% Feedback Area Feedback a. Show each item as a percentage of net sales. Question Content Area b. The company is managing the cost of manufacturing product better than the industry, and has slightly higher selling and administrative expenses relative to the industry. The combined impact causes net income as a percent of sales to be better than the industry average. Feedback Area Feedback b. Consider the relationship of each account to net sales and how it relates to the industry numbers. Feedback Area Feedback