Use the following income statement to perform a vertical analysis and check if selling, general, and administrative (SG&A) expenses are in line with the industry average of 34 percent (Click the icon to view the income statement.) Complete the vertical analysis below. (Round percentages to the nearest tenth percent, X.X%.) Katana Corp. Income Statement (adapted) For the Year Ended November 30, 2020 Amount Percent Net sales % $ 319,240 149,400 Cost of goods sold Gross margin Selling, general, and administrative expenses Income from operations 169.840 107,280 62,560 21.245 Income tax expense $ 41,315 Net income Are selling, general, and admininstrative expenses in line with the industry average of 34 percent? O A. The percentage of the company's net sales for selling, general, and admininstrative expenses is much lower than the industry average. OB. The percentage of the company's net sales for selling, general, and admininstrative expenses is much higher than the industry average. OC. The percentage of the company's net sales for selling, general, and admininstrative expenses is exactly the same as the industry average. OD. Selling, general, and admininstrative expenses is a similar percentage of the company's net sales as the industry average. - i Income Statement Katana Corp. Income Statement For the Year Ended November 30, 2020 Net sales $ 319,240 Cost of goods sold 149,400 Gross margin 169,840 Selling, general, and administrative expenses 107,280 Income from operations 62,560 Income tax expense 21,245 $ 41,315 Net income Print Done