Baird Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percentage of sales. (Percentages may not add exactly due to rounding. Round your percentage answers to 1 decimal place. (L.e., 0.234 should be entered as 23.4).) BAIRD COMPANY Vertical Analysis of Income Statements Year 41 Percentage of Sales Year 3 Percentage of Sales Sales Cost of goods sold $ 997,500 % $ 1,082,500 548,625 598,800 Gross margin on sales 448,875 483,700 Operating expenses 130,800 150,800 Income before taxes 318,075 332,900 Income taxes 80,500 80,800 Net income $ 237,575 % $ 252,100 % Chec