b) Perform a vertical analysis of the income statement for 2019, stating all income statement items as a percentage of net sales. Jade Inc. Income Statement For the Year Ended May 31 2019 Sales $687,000 100 % Cost of Goods Sold $377,850 40 x % Gross Profit $309,150 60 * % Operating Expenses Advertising Expense $6,400 % Bank Charges Expense $4,300 % Communication Expense $5,900 % Depreciation Expense. $7,900 % Professional Fees Expense $7,900 % Rent Expense $6,100 % Repairs and Maintenance Expensel $7.800 Q