Year 2 Year 1 Sales Cost of goods sold Gross profit Operating expenses Net income $ 587,8 484,9ee 268,908 $ 177,8 136,8ee 116,0ee $47,988 28,808 338,98e a. Prepare common size Income statements for Price Company, a sole proprietorshlp, for the two years shown as above by converting the dollar amounts Into percentages. For each year, sales will appear as 100 percent and other Items will be expressed as a percentage of sales. (Income taxes are not Involved as the business is not Incorporated.) b. State whether the changes from year 1 to year 2 are favorable or unfavorable. Complete this question by entering your answers in the tabs below Required A Required B Prepare common size income statements for Price Company, a sole proprietorship, for the two years shown as above by converting the dollar amounts into percentages. For each year, sales will appear as 100 percent and other items will be expressed as a percentage of sales. (Income taxes are not involved as the business is not incorporated.) (Round your percentage value answers to 2 decimal places. i.e. 0.1234 as 12.34%.) Show lessA Sales Cost of goods sold Gross profit Operating expenses Net income Required B