Analyze the following data and perform a vertical analysis of each income statement item 2016 2016 Percentages 2017 2017 Percentages Net sales $1,756,000 $1,910,000 Cost of goods sold 1,156,400 1,429,600 Selling expenses 350,000 286,800 Salary expenses 123,400 194,800 Federal income taxes 53,000 59,600

	2016	2016 Percentages	2017	2017 Percentages
Net sales	$1,756,000		$1,910,000
Cost of goods sold	1,156,400		1,429,600
Selling expenses	350,000		286,800
Salary expenses	123,400		194,800
Federal income taxes	53,000		59,600