9. Revenue and expense data for Tower Technologies are as follows: 20121 2011 Sales $500,000 $440,000 Cost of goods sold 325,000 242,000 Selling expenses 70,000 79,200 Administrative expenses 75,000 70,400 Income tax expense 25,000 26,400 Required: (1) Prepare an income statement in comparative form, stating each item for both 2012 and 2011 as a percent of sales (vertical analysis). (Round your answers to one decimal place.) (2) Comment on the significant changes disclosed by the comparative income statement. ANS