Bailey's Bridal and Prom Shoppe has done relatively well over the past two years. As prom season is coming to an end, the late spring bridal purchases are complete. Brielle Bailey is concerned about her profits and has called you in to review the income statements that she was able to put together for the years 20xx and 20yy (consecutive years). You will use vertical analysis to explain to Brielle the results of her net sales concerning the other items on the income statements. 20xx Calculations % Net Sales Net sales 39920 COGS 26800 26800/39920 67.1% Selling, General and Administrative Expenses 9120 Earnings Before Interest and Taxes 4000 Interest Expense 200 Earnings Before Taxes 3800 Income Taxes 743 Net Income 3057