Scherer Company provided the following income statements for its first 3 years of operation: Scherer Company Income Statements Years of Operation Year 1 Year 2 Year 3 2 Net sales $1,000,000.00 $1,100,000.00 $1,300,000.00 Less: Cost of goods sold 296,000.00 322,000.00 367,000.00 3 Gross margin $704,000.00 $778,000.00 $933,000.00 4 5 Less Operating expenses 427,000.00 488,000.00 587,500.00 Income taxes 112,000.00 122,400.00 138,000.00 7 8 Net income $165,000.00 $167,600.00 $207,500.00 Refer to the list below for the exact wording of an account title within your income statement Labels Add Less Amount Descriptions Add contribution margin Cost of goods sold Gross margin Income taxes Less contribution margin Net income Net loss Net sales Operating Expenses Common-Size Income Statement Prepare common-size income statements by using nef sales as the base (Note Enter all amounts as positive numbers and round answers to the nearest whole percentage. Percentages may not calculate down Refer to the Labels and Amount Descriptions ist provided for the exact wording of the answer choices for texf entries) Scherer Company Common-Size Income Statements Years of Operation Year 1 Year 1 Year 2 Year 2 Year 3 Year 3 1 Dollars Percentage Dollars Percentage Dollars Percentage 3 4 (Label)