Saved Help Save & Exh A comparative income statement is given below for McKenzie Sales, Ltd. of Toronto Last Year $5,688,800 3,511,500 2,097,300 McKenzie Sales, Ltd Comparative Incone Statenent This Year Sales $7,380,000 Cost of goods sold 4,610, eee Gross margin 2,270,000 Selling and administrative expenses: Selling expenses 1,386,000 Administrative expenses 711,500 Total expenses 2,097,500 Net operating income 672,500 Interest expense 99,00 Net income before taxes $ 573,500 1,073,500 614, eee 1,682,500 409,800 87.000 $ 322,800 Members of the company's board of directors are surprised to see that net income increased by only $250700 when sales increased by $1,771,200 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place l... 0.1234 should be entered as 12.3).) This Year Last Year 96 Sales O search Income before taxes Help Save $ 573,500 $322,800 Members of the company's board of directors are surprised to see that net income increased by only $250,700 wien sales increased by $1.771,200. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place le. 0.1234 should be entered as 12.3).) Last Year This Year % % 0.0 % % sele 0.01% Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes % % 0.0 % 0.096 % % 0.01% 0.01% 0.01% 0.0 56 O arch