The Klein department stores chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the average for the industry. The CEO has given you the company's income statement an balance sheet, as well as the industry average data for retailers.

(The photo below shows the balance sheet compared with industry average. December 31,2010.

Balance sheet compared with industry average:

Klein. Ind average

Current assets. $296,560. $70.9%

Fixed assets, net. $112,640. $23.6

Intangible assets,net. $9,240. $0.8

Other assets. $21,560. $4.7

Total Assets. $440,000. $100.0%

Current liabilities. $203,280. $48.1%

Long-term liabilities. $101,200. $16.6

Stockholder's equity. $135,520. $35.3

Total liab.and stockholders equity $440,000 $100.0%

1. Prepare a common-size income statement for Klein Dept stores. Fill the blanks on klein's statement (round your answer to one decimal place)

Klein. Industry average

Net Sales. $. 100.0

Cost of goods sold $. 65.8

Gross profit. $. 34.2

Operating expenses$. 19.7

Operating income. $. 14.5

Other expenses. $. 0.4

Net income. $. 14.1

(Questions 2 and 3 are below)

ata Table Industr Averag 779,000100.0 65 34 19 14 0 Klein Net sales Cost of goods sold Gross profit Operating expenses Operating income Other expenses 524,267 254,733 161,253 93,480 4,674 Print Done