Exercise 13-1 Common-Size Income Statement LO13-1 A comparative income statement is given below for McKenzie Sales, Ltd, of Toronto McKenzie Salles, Ltd Comparative Income Statement This YearLast Year $7,400,000 $5,624,000 4,670,000 3,511,500 Sales Cost of goods sold Gross margin Selling and administrative expenses 2,730,000 2,112,500 1,372,000 1,080,000 706,500 616,000 Seling expenses Administrative expenses Total expenses Net operating income 2,078,500 1,696,000 651,500 416,500 90,000 Interest expense 101,000 Net income before taxes $ 550,500 326500 Mombers of the company's board of drectors are surprised to see that net income increased by only 224,000 when sales increased by $1,776,000 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)) This Year Last Year Sales Cost of goods sold Gross margin Selling and administrative expenses 00% 001% Seling expenses dministrative expenses Total selling and administrative expenses 00% Type here