Sharma Company reported the following operating results for two consecutive years:
2018 Amount Percentage of Sales
Sales..................................... $ 800,000
Cost of goods sold...................... 450,000
Gross margin on sales.................. 350,000
Operating expenses..................... 100,000
Income before taxes.................... 250,000
Income taxes.............................. 50,000
Net income............................ $ 200,000
2019 Amount Percentage of Sales
Sales..................................... $1,000,000
Cost of goods sold........................ 590,000
Gross margin on sales......................410,000
Operating expenses....................... 120,000
Income before taxes...................... 290,000
Income taxes................................ 60,000
Net income.............................. $ 230,000
Required
Express each income statement component for each of the two years as a percentage of sales. Round percentages to one decimal point.