00 8 8.75 points 00:57.50 Skipped 1. Use vertical analysis to compare profitability. Perform Vertical Analysis - Excel ? FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri 11 = % 8- Paste BIU- - Alignment Number Conditional Format as Formatting Table Styles Cell Cells Clipboard G Font Styles A1 Lake Athletics sells two distinct product lines: Apparel and Equipment. E Equipment Amount Percent $5,550,000 2,720,000 x fx eBook A B D 1 2 ake Athletics sells two distinct product lines: Apparel and equipment. he income statement for each product line appears below. References 3 4 LAKE ATHLETICS 5 6 Income Statement For the Year Ended December 31, 20x1 7 Apparel 8 Amount Percent 9 et sales $3,150,000 10 ost of goods sold 1,400,000 11 ross profit 1,750,000 12 perating expenses 800,000 13 perating income 950,000 14 ther income 20,000 15 Icome before tax 970,000 16 Icome tax expense 241,250 17 et income $728,750 18 19 equired: 20 2,830,000 875,000 1,955,000 10,000 1,965,000 491,000 $1,474,750 Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns 21 for both product lines above. Express each amount as a percentage of net sales. 22 ote: You should use absolute references in the divisors of all formulas. 23 24 Use the Excel IF function and the completed vertical analysis above to answer each of the questions below: B Sign In F