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Help Save & A comparative income statement is given below for Mckenzie Sales, Lid., of Toronto Ch Mckenzie Sales, Ltd. Comparative Income Statement Sales This Year Last Year Cost of goods sold $7,400,060 $5,624,000 Gross margin 4,680,080 3,508,090 2,720,080 Selling and administrative expenses: 2,116,090 Selling expenses 1,371,600 1, 075,000 Administrative expenses 707,500 609,500 Total expenses 2,078,500 1,684,500 Net operating income 641,500 431,500 Interest expense 99,080 92,090 Net income before taxes $ 542,500 $ 339,500 Members of the company's board of directors are surprised to see that net income increased by only $203,000 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 (l.e. 0.1234 should be entered as 12.3).) This Year Last Year Sales Cost of goods sold Next >