Garcia 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 ofsales.

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2008 Amount Percent of Sales Sales Cost of goods sold Gross margin Operating expenses Income before taxes Income taxes Net income $600,000 400,000 200,000 130,000 70,000 30,000 40,000 2009 Amount Percent of Sales Sales Cost of goods sold Gross margin Operating expenses Income before taxes Income taxes Net income $580,000 377,000 203,000 150,000 53,000 23,000 30,000