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A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement This Year Last Year Sales $

A comparative income statement is given below for McKenzie Sales, Limited, of Toronto:
McKenzie Sales, Limited
Comparative Income Statement
This Year Last Year
Sales $ 7,340,000 $ 5,578,400
Cost of goods sold 4,790,0003,507,500
Gross margin 2,550,0002,070,900
Selling and administrative expenses:
Selling expenses 1,376,0001,080,500
Administrative expenses 709,000610,000
Total expenses 2,085,0001,690,500
Net operating income 465,000380,400
Interest expense 103,00091,000
Net income before taxes $ 362,000 $ 289,400
Members of the companys board of directors are surprised to see that net income increased by only $72,600 when sales increased by $1,761,600.
Required:
1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e.,0.1234 should be entered as 12.3).)

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