This Year $7,300,000 4,770,000 2,530, eee Last Year $5,548,000 3,509, eee 2,039,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes 1,376,000 706, eee 2,682, eee 448,000 106,000 $ 342,000 1,073, eee 612,500 1,685,500 353, see 94,000 $ 259,500 Members of the company's board of directors are surprised to see that net income increased by only $82,500 when sales increased by $1,752,000 Required: 1. Express each year's Income statement in common-size percentages. (Round your percentage answers to 1 decimal place (le, 0.1234 should be entered as 12.3).) This Year Last Year % 0.01% 0.01% 44 96 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes RRRR 0.096 0.01% 0.096 0.0 % 96 0.0196 0.01