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Top managers of Breene 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: E: (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) Read the requirements. Year Ended December 31, 2018 Industry Breene Average 100.0 % Net sales 100.0 % 66.0 % 57.3 % Cost of goods sold Gross profit 34.0% 42.7 % 26.01% 29.4 % Operating expenses Operating income 13.3 % 8.01% 0.5 % Other expenses 2.5 % 10.8 % Net income 7.5 % Breene Products, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Breene Average Net sales $ $ 955,000 649,400 100.0 % 57.3 Cost of goods sold Gross profit 305,600 229,200 42.7 29.4 Operating expenses Operating income 76,400 15,280 13.3 2.5 Other expenses $ 61,120 10.8 % Net income December 31, 2018 Industry Breene $ 489,100 Current assets Plant assets, net Intangible assets, net Average 72.1 % 19.0 146,261 25,460 9,179 4.8 4.1 Other assets $ 670,000 100.0 % Total $ 47.2% Current liabilities Long-term liabilities 308,200 144,720 217,080 21.0 31.8 Stockholders' equity $ 670,000 100.0 % Total