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. Sales Cost of merchandise sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue and expense: Other revenue Other expense Income before income tax expense Income tax expense Net income Tannenhill Company $2,100,000 1,260,000 $840,000 $504,000 210,000 $714,000 $126,000 Sales Cost of merchandise sold Gross profit Selling expenses 42,000 (21,000) $147,000 63,000 $84,000 Common-Sized Income Statement For the Year Ended December 31 % % Electronics Industry Average % 100 % Tannenhill Tannenhill Electronics Company Company Industry Amount Percent Average $2,100,000 100.0% 1,260,000 66% $840,000 $504,000 % 34% 20% 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 20% 28 % 6% 2 1 7% 4 3% 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 Sales Cost of merchandise sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue and expense: Other revenue Other expense Income before income tax Income tax expense Net income Feedback Tannenhill Tannenhill Electronics Company Company Industry Amount Percent Average $2,100,000 1,260,000 $840,000 $504,000 210,000 $714,000 $126,000 Feedback 42,000 (21,000) $147,000 63,000 $84,000 % % % % % % % % % % % % Check My Work a. Show each item as a percentage of net sales. 100.0% 66% 34% 20% 8% 28% 6% 2% 1% 7% 4% 3% b. The company is managing the cost of manufacturing product better than the industry, and has slightly higher percent of sales to be better than the industry average. selling and administrative expenses relative to the industry. The combined impact causes net income as a