eBook Show Me How 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 $2,390,000 % 100.0% Cost of merchandise sold 1,601,300 % 70% Gross profit $788,700 % 30% Selling expenses $454,100 % 17% Administrative expenses 191,200 % 7% Total operating expenses $645,300 % 24% $143,400 % 6% Income from operations Other revenue and expense: Other revenue 47,800 % 2% Other expense (23,900) % 1% Income before income tax $167,300 % 7% Income tax expense 71,700 % 4% Net income $95,600 % 3% = 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. Tannenhill Company Electronics Industry Average Sales $2,390,000 100 % Cost of merchandise sold 1,601,300 70 Gross profit $788,700 30 % $454,100 17 % Selling expenses Administrative expenses 191,200 7 $645,300 24 % Total operating expenses Income from operations $143,400 6 % Other revenue and expense: Other revenue 47,800 2 Other expense (23,900) 1 Income before income tax expense $ 167,300 7 % Income tax expense 71,700 4 Net income $95,600 3 %