Baird Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Baird Corporation's income statement components between the two years. Note: Negative amounts should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4). BAIRD CORPORATION Income Statements Percentage Year 3 Year 2 Change Gross margin Sales Cost of goods sold Operating expenses $ 1,299,000 $ 1,000,500 % 798,885 600,300 500,115 400,200 300,500 196,000 Income before taxes 199,615 204,200 Income taxes 61,000 52,700 Net income (loss) $ 138,615 $ 151,500 % Exercise 13-2A (Algo) Vertical analysis LO 13-1 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 percent of sales. Note: Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4). Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes Net income BAIRD COMPANY Vertical Analysis of Income Statements Year 4 Percentage of Sales Year 3 Percentage of Sales $ 1,005,000 % $ 1,079,500 % 552,750 598,000 452,250 481,500 130,400 149,000 321,850 332,500 79,100 83,200 $ 242,750 % $ 249,300 %