Top managers of Gilligan Products, Inc., have asked you to compare the company's profit performance and financial position with the average for the industry. The company's accountant has given you the business's income statement, balance sheet, and industry data: (Click the icon to view the income statement.) Click the icon to view the balance sheet.) Read the requirements. Requirement 1. Prepare a common-size income statement and balance sheet for Gilligan Products. The first column of each statement should present the company's common-size statement, and the second column should show the industry averages. (Round the percentages to the nearest one-tenth percent, X.X%. Do not enter the % sign in any of the input fields.) Start by preparing a common-size income statement for Gilligan Products, Inc. Gilligan Products, Inc. Common-Size Income Statement Compared with Industry Average Year Ended December 31, 2021 Gilligan Industry Average Net sales % 100.0 % Cost of goods sold % Gross profit 42.7 % Operating expenses Operating income 13.3 % 57.3% % % 29.4 % % Other expenses 2.5% 10.8 % % Net Income con - X remd Data table 1. Pri ild pl Toent column of ea dustry averag alds. ring Size 1 Gilligan Products, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2021 Industry Gilligan Average Net sales $ 1.000.000 100.0% 690.000 57.3% Cost of goods sold Gross profit 310.000 42.7% 240,000 29.4% Operating expenses Operating income 70.000 13.3% 16.000 25% Other expenses $ 54,000 10.8% Net Income s sol pens come ses Print Done e help Clear all Check ans NON 3 28 09 polumr. lustry a Hlds.) Gilligan Products, Inc. Balance Sheet Compared with Industry Average December 31, 2021 Industry Gilligan Average Current assets $ 414,800 72.1% Plant assets, net 148,444 19.0% Intangible assets, net 25,840 4.8% Other assets 90,916 4.1% $ 680,000 100.0% Total Current liabilities $ 47.2% Long-term liabilities 326,400 149,600 204,000 21.0% 31.8% Stockholders' equity $ 680,000 100.0% Total