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A vertical analysis is being conducted for TTG Ltd. TTG Ltd. Income Statement Year Ended December 31 2020 2021 2022 Revenue $ 732,000 $ 782,000

A vertical analysis is being conducted for TTG Ltd.

TTG Ltd.
Income Statement
Year Ended December 31
2020 2021 2022
Revenue $ 732,000 $ 782,000 $ 832,000
Cost of goods sold 439,200 461,380 482,560
Gross profit 292,800 320,620 349,440
Selling expenses 109,800 109,480 124,800
Operating expenses 36,600 46,920 41,600
Operating income 146,400 164,220 183,040
Income tax expense 51,240 57,477 64,064
Net income 95,160 106,743 118,976

Based on the above comparative income statement, what percentage will 2022 net income be shown as? (Round to the nearest percent.)

Question 17 options:

14%

22%

100%

114%

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