The income statements for Federer Sports Apparel for 2025 and 2024 are presented below. Required: Prepare...

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The income statements for Federer Sports Apparel for 2025 and 2024 are presented below. Required: Prepare a vertical analysis of the data for 2025 and 2024. (Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 2025 Amount % Net sales $ 18,100,000 Cost of goods sold 13,466,400 Gross profit 4,633,600 2024 Amount % 14,800,000 6,586,000 8,214,000 Operating expenses 1,411,800 Depreciation expense 832,600 1,036,000 858,400 Inventory write-down 72,400 Loss (litigation) 1,321,300 0 251,600 Income before tax 995,500 6,068,000 Income tax expense 307,700 1,805,600 Net income $ 687,800 $ 4,262,400 The income statements for Federer Sports Apparel for 2025 and 2024 are presented below. Required: Prepare a vertical analysis of the data for 2025 and 2024. (Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 2025 Amount % Net sales $ 18,100,000 Cost of goods sold 13,466,400 Gross profit 4,633,600 2024 Amount % 14,800,000 6,586,000 8,214,000 Operating expenses 1,411,800 Depreciation expense 832,600 1,036,000 858,400 Inventory write-down 72,400 Loss (litigation) 1,321,300 0 251,600 Income before tax 995,500 6,068,000 Income tax expense 307,700 1,805,600 Net income $ 687,800 $ 4,262,400