Sales Cost of goods sold Operating expenses Total assets Stockholders' equity Billings $ 958,000 644,000 234,000 1,380,000 324,000 Phoenix $1,154,240 729,000 338,620 1,490,000 314,000 Required a. Prepare common size income statements for each company. b. One company is a high-end retailer, and the other operates a discount store. Which is the discounter? Complete this question by entering your answers in the tabs below! Required A Required B Prepare common size income statements for each company. (Round your percentage answers to 1 decimal place.) BILLINGS AND PHOENIX COMPANIES Common Size Income Statements For the Year Ended Year 5 Billings 100.0 Sales Cost of goods sold Gross margin Operating expenses Net Income $958,000 644,000 314,000 234,000 $ 80,000 Phoenix 100,0 $1,154,240 729,000 100.0 425,240 330.620 1000 $ 94620 100.0 100.0