(a) Using vertical analysis, calculate the percentage of the base amount for each year. (Round answers to 1 decimal place, eg, 15.26) 2020 COVINGTON CORPORATION Vertical Analysis of Statement of Income 2021 Amount Percent Amount $806,000 $595,000 Percent Sales % Cost of goods sold 545,662 % 373.065 Gross profit 260,338 2 221,935 % Operating expenses 154.752 % 126,140 * Income before income tax 105,586 % 95,795 96 Income tax expense 16.120 % 19,040 Net income $89.466 $76,755