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. Tannenhill Electronics Industry Company Average Sales $4,000,000 100% Cost of goods sold (2,120,000) (60) Gross profit $1,880,000 40% Selling expenses $(1,080,000) (24)% Administrative expenses (640,000) (14) Total operating expenses $(1,720,000) (38)% Operating Income $160,000 2% Other revenue and expense: Other revenue 120,000 Other expense (80,000) (2) Income before income tax expense $200,000 3% Income tax expense (80,000) (2) Net income $120,000 1% a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. Round your answers to the nearest whole percentage. Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Tannenhill Tannenhill Electronics Company Company Industry Line Item Description Amount Percent Average Sales $4,000,000 % 100% Cost of goods sold (2,120,000) (60) Gross profit $1,880,000 % 40% Selling expenses $(1,080,000) % (24) % Administrative expenses (640,000) (14) Total operating expenses $(1,720,000) % (38)% Operating income $160,000 % 2% Other revenue and expense: Other revenue Other expense 120,000 3% (80,000) (2) answers to the nearest whole percentage. Tannenhill Company Common-Sized Income Statement For the Year Ended December 31. Line Item Description Sales Tannenhill Tannenhill Electronics Company Company Industry Amount Percent Average $4,000,000 % 100% Cost of goods sold (2,120,000) (60) Gross profit $1,880,000 % 40% Selling expenses $(1,080,000) % (24)% Administrative expenses (640,000) (14) Total operating expenses $(1,720,000) % (38)% Operating income $160,000 % 2% Other revenue and expense: Other revenue 120,000 3% Other expense (80,000) (2) Income before income tax expense $200,000 % 3% Income tax expense (80,000) (2) Net income $120,000 1% 13