1. Using the income statement below, develop a common-size statement by filling in the blanks provided. Show your work. Round to one decimal place. 20x5 20x5

Net sales $880,000 _________

Cost of goods sold 552,400 _________

Gross margin $327,600 _________ Operating expenses

156,000 _________

Income before income taxes $171,600 _________

Income taxes expense 124,800 _________

Net income $ 46,800 _________