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Sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Current Year Previous Year s 4,000,000 $3,600,000 2,280,000 1,872,000 648,000 360,000 216,000 600,000

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Sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Current Year Previous Year s 4,000,000 $3,600,000 2,280,000 1,872,000 648,000 360,000 216,000 600,000 520,000 240,000 A. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Enter all amounts as positive numbers B. Comment on the significant changes disclosed by the comparative income statement

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