Adams Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percent of sales. (Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e.,.234 should be entered as 23.4).) Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes Net income ADAMS COMPANY Vertical Analysis of Income Statements Percentage of Year 4 Year 3 Sales Percentage of Sales $ 995,500 % $ 1,078,500 % 547,525 600,200 447,975 478,300 130,900 149,800 317,075 328,500 80,700 81,600 $ 236,375 % $ 246,900 %