40:57 Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ % $ % Sales Cost of goods sold Gross profit $ 735,000 $670,000 565,400 297,600 169,600 372,400 Operating expenses 129.200 279,200 Net income $ 40,400 $ 93,200 Income Statement Reason for Decline in Net Income > < Prev 20 of 22 Next > MacBook Air