29 INSTRUCTIONS: Given the following information, perform a VERTICAL ANALYSIS 30 31 12 INCOME STATEMENT 3 Sales Cost of goods sold 12/31/2021 Your answer goes here 65,000 45,000 4 GROSS PROFIT 20,000 Selling expenses Administrative expenses 6,000 5,000 TOTAL OPERATING EXPENSES 11,000 Income before tax Income tax expense 9,000 2,700 NET INCOME 6,300