Conroe Company reported the following operating results for two consecutive years.

Required
Express each income statement component for each of the two years as a percent of sales.

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Amount Percent of Sales 2011 Sales $1,000,000 Cost of goods sold Gross margin on sales Operating expenses 550,000 450,000 130,000 Income before taxes 320,000 Income taxes 80,000 $ 240,000 Net income Amount Percent of Sales 2012 Sales $1,080,000 Cost of goods sold Gross margin on sales Operating expenses 600,000 480,000 150,000 Income before taxes 330,000 82,000 Income taxes $ 248,000 Net income