96.400 Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $482,000 $439,000 Cost of goods sold 250,250 201,940 Selling expenses 86,760 96.580 Administrative expenses 83.410 Income tax expenses . Prepare an income statement in comparative form, stating each them for both versa percent of sales roured, round percentages to one odina pect. Enter at amounts as protesters Innovation Quarter Inc. Comparative Income Statement For the Year Ended December 31 Current year Amount Current year Percent Previous Year Amount Previous Year Percent Sales 1482,000 1499,000 Cost of oods sold 200,260 201,940 36,700 96.580 Selling expenses Administrative expenses 96.400 83410 14460 21.950 Income tax expense Increased decreased b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 1 percentage points. Thus, net income as a percent of sales by 3 percentage power by percentage po