b) Perform a vertical analysis of the income statement for 2021, stating all income statement items as a percentage of net sales. Jade Inc. Income Statement For the Year Ended May 31 2021 Sales $684,000 % Cost of Goods Sold $376,200 % Gross Profit $307,800 % Operating Expenses Administrative Expense $28,700 % Selling Expense $60,600 % Total Operating Expenses $89,300 % Other Income and Expenses Interest Expense $19,600 % Income Before Income Tax $198,900 % Income Tax Expense $59,670 % Net Income $139,230 %