24 #2 VERTICAL ANALYSIS 25 26 INSTRUCTIONS: Prepare a vertical analysis of the income statement for Moran Corp. 27 28 29 Moran Corp. Comparative Condensed Income Statement For the years ended December 31 30 31 32 2021 2020 33 600 500 34 350 300 Net Sales Cost of goods sold Gross Profit Operating expenses 35 250 200 36 50 40 37 Net Income 200 160 38 39 40 41 42