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 $1,100,000.00 $1,300,000.00 $1,000,000.00 300,000.00 3 Less: Cost of goods sold 364,000.00 310,000.00 $790,000.00 4 Gross margin $700,000.00 $936,000.00 5 Less: Operating expenses 421,000.00 484,000.00 591,500.00 Income taxes 111,600.00 122,400.00 137.800.00 Net income $167,400.00 $183,600.00 $206,700.00 Required: Prepare common-size income statements by using net sales as the base. Commons Income Statement Percentages may not to the Lab o re wording of the choices for Beher Company Commons Income Sweets Years of Orion Yea Dollars Percentage Labels and Amount Descriptions e 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 on w N Less contribution margin Net income Net loss Net sales Operating Expenses