1 Exercise 14-1 (Algo) Common-Size Income Statement (L014-1] 25 points A comparative income statement is given below. for McKenzie Sales Limited, of Toronto eBook Last Year 5 5,616,400 3.506,00 2,110,400 Mckenzie Sales, Limited Comparative Income Statement This Year Sales 57,390,000 Cost of goods sold 4.670.000 Gross margin 2,720.000 Selling and administrative expenses Selling expenses 1,386,600 Administrative expenses 705,000 Total expenses 2.091.000 Net operating income 629,000 Interest expense 100,000 Net Income before taxes 5.529,000 Hint 1,079,000 618.00 1.697.000 413,400 93,000 5 320,400 Print Referentes Members of the company's board of directors are surprised to see that net income increased by only $208.600 when sales increased by $1773.600 Required: 1. Express each year's income statement in common-site percentages (Round your percentage answers to 1 decimal place (... 0.1234 should be entered os 12.31.) This Year Last Year Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest exponse Not Income before taxes % % + % % %