This Year Last Year $7,350,000 $5,586,000 4,790,000 3,515,500 Sales Cost of goods sold Gross margin Selling and administrative expenses 2,560,000 2,070,500 Selling expenses 1,374,000 1,078,500 Administrative expenses Total expenses Net operating income 609,000 2,084,500 1,687,500 383,000 710,500 475,500 101,000 Interest expense 93,000 374,500 290,000 Net income before taxes Members of the company's board of directors are surprised to see that net income increased $84,500 when sales increased by $1,764,000 Required 1. Express each year's income statement in common-size percentages. (Round your percenta answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) This Year Last Year Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses lotal selling and administrative expenses Net operating income Interest expense Net income before taxes