Sperry Company reported the following operating results for two consecutive years.
2018 Amount Percentage of Sales
Sales .............................$250,000
Cost of goods sold ............. 150,000
Gross margin .....................100,000
Operating expenses ...............30,000
Income before taxes ..............70,000
Income taxes.......................14,000
Net income.......................$ 56,000
2019 Amount Percentage of Sales
Sales............................. $300,000
Cost of goods sold............. 192,000
Gross margin.................... 108,000
Operating expenses.............. 32,000
Income before taxes............. 76,000
Income taxes...................... 16,000
Net income...................... $ 60,000
Required
Express each income statement component for each of the two years as a percentage of sales. Round percentages to one decimal point