Revenue and expense data for Searle Technologies Co. are as follows:

a. Prepare an income statement in comparative form, stating each item for both 2012 and 2011 as a percent of sales. Round to one decimal place.
b. Comment on the significant changes disclosed by the comparative incomestatement.

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2012 2011 Sales Cost of goods sold Selling expenses Administrative expenses Income tax expense $900,000 $725,000 558,000 117,000 63,000 76,500 435,000 116,000 65,250 58,000