ven you til e income - X Data Table ommon-si the second ement should pre -tenth percent, X 7-size inco Grover se Stateme Grover Products, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Grover Average Net sales $ 700,000 100.1% 364,000 57.3 Cost of goods sold Gross profit 336,000 42.7 147,000 29.4 Operating expenses Operating income 189,000 13.3 11,200 2.5 Other expenses 177,800 Net income ar Ended 10.8 % Print Done Top managers of McDonough 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 resuirements 563 ivailable Check ou Requirement 1. Prepare a common-size income statement and balance sheet for McDonough 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, XX%) Start by preparing a common size income statement for McDonough Products, inc. McDonough Products, Inc. Common-Size Income Statement compared with Industry Average Year Ended December 31, 2018 Industry McDonough Average Not sales 100.0 % Cost of goods sold Gross profit 42.7% Operating expenses Operating income 13.3% Other expenses 10.8% Net income > Sav 573% run? * ***** 29.4% 25% ORCI onough Products has given you t View the income with the average Data Table are a common-sil ize statement, ar h statement should bearest one-tenth ommon-size inco McDonoug Income Stateme Year Ended McDonough Products, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry McDonough Average Net sales $ 959,000 100.0 % 661,710 57.3 Cost of goods sold Gross profit 297,290 42.7 230,160 29.4 Operating expenses Operating income 67,130 13.3 9,590 2.5 Other expenses 57,540 Net income sold 10.8 % penses come ses Print Done lable h the average for the in s given yo the Incot a commo statement McDonough Products, Inc. Balance Sheet Compared with Industry Average December 31, 2018 Industry McDonough Average Current assets 480,000 72.1 % atement should present est one-tenth percent, X non-size McDon Plant assets, net 19.0 come Stat Intangible assets, net 119,040 20,480 20,480 Year End 4.8 4.1 Other assets 640,000 100.0 % Total Current liabilities 47.2 % Long-term liabilities 248,320 137,600 254,080 21.0 31.8 Stockholders' equity ses $ 640,000 100.0 % a Total Print Done