. Use the common-sized income statements that compare Greenwood Paper Supply to the industry average to identify expenses that the company should work toward decreasing

Greenwood Paper Supply Industry Average

Sales	100.0%	100.0%
Cost of goods sold	45.2	46.7
Gross profit	54.8%	53.3%
Selling expenses	16.7%	12.9%
Administrative expenses	14.5	13.1
Total operating expenses	31.2%	26.0%
Income from operations	23.6%	27.3%
Other revenue	1.2	1.8
	24.8%	29.1%
Other expense (interest)	0.9	1.0
Income before income tax	23.9%	28.1%
Income tax expense	8.4	9.8
Net income	15.5%	18.3%