Show Me How med Income Statement expense data for the current calendar year for Tannenhill Company and for the electronics Industry are as follows. Tannenhill's data are expressed in dollars Ics Industry averages are expressed in percentages. Electronics Tannenhill Industry Company Average $1,700,000 100 % sold 918,000 57 $782,000 $493,000 26% expenses 187,000 11 g expenses $680,000 37 % $102,000 6% 34,000 2 $136,000 8% 43 % ses ame 17,000 1 income tax 7% pense $119,000 51,000 $68,000 5 2 % common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentage Dronne Na Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Tannenhill Company Amount Tannenhill Company Percent $1,700,000 % 918,000 9 Sales Electronics Industry Average 100.0% Cost of goods sold 57% Gross profit $782,000 % 43% % 26% 11% 3794 % 6% % Selling expenses $493,000 Administrative expenses 187.000 Total operating expenses $680,000 Operating income $102,000 Other Income 34,000 $136,000 Other expense 17,000 Income before income tax $119,000 Income tax expense 51,000 Net income $68,000 * 2% 8% 1% 2014 5% 2 b. The company is managing the cost of manufacturing product than the industry, and has slightly administrative expenses relative to the industry. The combined impact causes net income as a percent of sales to be selling and than the industry average