A comparative income statement is given below for McKenzie Sales, Limited, of Toronto:

McKenzie Sales, Limited

Comparative Income Statement

This Year Last Year

Sales $ $7,380,000$ $ $5,608,800$

Cost of goods sold $4,780,0003,507,000$

Gross margin $2,600,0002,101,800$

Selling and administrative expenses:

Selling expenses $1,381,0001,080,000$

Administrative expenses $708,500608,500$

Total expenses $2,089,5001,688,500$

Net operating income $510,500413,300$

Interest expense $98,00085,000$

Net income before taxes $ $412,500$ $ $328,300$

Members of the company$$s board of directors are surprised to see that net income increased by only $$84,200$ when sales increased by $$1,771,200.$

Required:

$1.$ Express each year's income statement in common$-$size percentages

This Year Last Year

Sales $\%\%$

Cost of goods sold $\%\%$

Gross margin $0\mathrm{.}0\%0\mathrm{.}0\%$

Selling and administrative expenses:

Selling expenses $\%\%$

Administrative expenses $\%\%$

Total selling and administrative expenses $0\mathrm{.}0\%0\mathrm{.}0\%$

Net operating income $0\mathrm{.}0\%0\mathrm{.}0\%$

Interest expense $\%\%$

Net income before taxes $0\mathrm{.}0\%0\mathrm{.}0\%$