value: 15.00 points Exercise 13-1 Common-Size Income Statement [LO13-1 A comparative income statement is given below for McKenzie Sales, Ltd, of Toronto McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year $7,360,000 $5,593,600 4,670,000 3,514,500 Sales Cost of goods sold Gross margin Selling and administrative expenses: 2,690,000 2,079,100 1,397,000 1,078,500 709,000 613,500 Selling expenses Administrative expenses Total expenses Net operating income 2,106,000 1,692,000 584,000 98,000 387,100 87,000 Interest expense Net income before taxes S 486,000 300,100 Members of the company's board of directors are surprised to see that net income increased by only $185,900 when sales increased by $1,766,400 Required 1. Express each years 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 001% 001% Selling expenses Total selling and administrative expenses Net operating income Interest expense Net incorne before taxes 001% 001% 001% 001% 001% 001%