Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Tannenhill Company Electronics Industry Average Sales $4,000,000 100.0 % Cost of goods sold 2,120,000 60.0 Gross profit $1,880,000 40.0 % Selling expenses $1,080,000 24.0 % Administrative expenses 640,000 14.0 Total operating expenses $1,720,000 38.0 % Operating income $160,000 2.0 % Other income 120,000 3.0 $Other expense 80,000 2.0 Income before income tax $200,000 3.0 % Income tax expense 80,000 2.0 Net income $120,000 1.0 % Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average.