TYPE OF BUSINESS COST OF GOODS GROSS PROFIT TOTAL EXPENSES NET INCOME WAGES RENT ADVERTISING Supermarkets 82.7% 17.3% 13.9% 3.4% 6.5% .8% 1.0% Men's and women's apparel 67.0% 33.0% 21.2% 11.8% 8.0% 2.5% 1.9% Women's apparel 64.8% 35.2% 23.4% 11.7% 7.9% 4.9% 1.8% Shoes 60.3% 39.7% 24.5% 15.2% 10.3% 4.7% 1.6% Furniture 68.9% 31.2% 21.7% 9.6% 9.5% 1.8% 2.5% Appliances 66.9% 33.1% 26.0% 7.2% 11.9% 2.4% 2.5% Drugs 67.9% 32.1% 23.5% 8.6% 12.3% 2.4% 1.4% Restaurants 48.4% 51.6% 43.7% 7.9% 26.4% 2.8% 1.4% Service stations 76.8% 23.2% 16.9% 6.3% 8.5% 2.3% *Total Expenses represents the total of all expenses involved in running the firm. These expenses include, but are not limited to, wages, rent, and advertising. .5% The following table gives the percents for various items from the income statements of a business. Complete parts (a) through (c) (a) Complete the table by including the appropriate percents from the industry averages' table. Cost of Gross Operating Net Type of store Goods Profit Expenses Income Wages Rent Advertising Furniture 76.4% 23.6% 24.4% 5.0% 11.6% 3.1% 4.4% l% % % 0% 0% 0% % (b) Which percentages are high for the industry? Select all that apply. A. Net Income B. Cost of Goods C. Gross Profit D. Total Operating Expenses E. Rent F. Advertising G. Wages H. No percentages are high for the industry. (c) Which percentages are low for the industry? Select all that apply. I A. Cost of Goods I C. Rent E. Total Operating Expenses G. Gross Profit B. Net Income D. Advertising F. Wages H. No percentages are low for the industry