Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Electronics Tannenhill Industry Company Average Sales $2,310,000 100 % Cost of goods sold 1,293,600 61 Gross profit $1,016,400 39 % Selling expenses $623,700 23% Administrative expenses 254,100 10 Total operating expenses $877,800 33 % Operating income $138.600 6 % Other revenue 46,200 2 $184,800 8 % % Other expense 23.100 1 Income before income tax $161,700 7 % Income tax expense 69,300 4 Net income $92,400 3 % a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Tannenhill Tannenhill Electronics Company Company Industry Amount Percent Average Sales $2,310,000 96 100.0% Cost of goods sold 1,293,600 % 61% Gross profit $1,016,400 % 9 39% Selling expenses $623.700 % 23% Administrative expenses 254,100 % 10% Total operating expenses $877,800 $ % 33% Income from operations $138,600 % 6% Other revenue 46,200 90 2% 9 89 $184,800 23,100 Other expense % 19 % Income before income tax $161,700 790 Income tax expense 69,300 996 40 % Net income $92,400 % 390 3