The following condensed income statement is for Boston Inc.

Required:

Prepare a common-size analysis of the income statements for 2019 and 2020. (Round percent computations to one decimal place.)

Boston Inc. Income Statement Years ended December 31, 2020 and 2019 (in thousands) 2020 2019 Net sales S 20,000 $13,000 Cost of goods sold 13.000 9.000 Gross margin 7.000 4.000 Selling and administrative expenses 3.000 2.000 Operating income 4,000 2.000 Other expense, net 300 200 Income before taxes 3.700 1,800 Income tax expense 800 400 Net income $ 2,900 $ 1,400