Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Tannenhill Company Amount Tannenhill Company Percent $1,980,000 Electronics Industry Average 100.0% Sales Cost of goods sold 1,128,600 61% Gross profit $851,400 39% Selling expenses $534,600 Administrative expenses 198,000 Total operating expenses $732,600 Operating income $118,800 39,600 Other income $158,400 Other expense 19,800 Income before income tax $138,600 Income tax expense 59,400 Net income $79,200