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.

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