Based on the following income statement, prepare a common-size income statement based on sales. Round to two decimal places.
Sales $200,000
Cost of goods sold 147,800
Gross profit 52,200
Selling and administrative expenses 20,480
Operating income $31,720
Interest expense 7,320
Income before tax $24,400
Income tax expense 7,320
Net Income $17,080

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The Answer of Based on the following income statement, prepare a common-size income statement based on sales. Round to two decimal places.
Sales $200,000
Cost of goods sold 147,800
Gross profit 52,200
Selling and administrative expenses 20,480
Operating income $31,720
Interest expense 7,320
Income before tax $24,400
Income tax expense 7,320
Net Income $17,080

Based on the Following Income Statement, Prepare a Common-Size Income