Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes This Year $ 7,300,000 Last Year $5,548,000 3,513,000 4,630,000 2,670,000 2,035,000 1,376,000 1,082,000 703,500 610,500 2,079,500 1,692,500 590,500 100,000 342,500 $ 490,500 93,000 $ 249,500 Members of the company's board of directors are surprised to see that net income increased by only $241,000 when sales increased by $1,752,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e.. 0.1234 should be entered as 12.3).) This Year Last Year Sales % % Cost of goods sold % % Gross margin 0.0 % 0.0 % Selling and administrative expenses: Selling expenses % % Administrative expenses Total selling and administrative expenses % % 0.0 % 0.0 % 0.0 % 0.0 % Net operating income Interest expense