Benson Company

Vertical Analysis of Income Statements

2019 Percentage of Sales 2018

Sales $997,000 $1,082,500

Cost of Goods sold 548,350 601,600

Gross margin of sales 448,650 480,900

Operating expenses 131,000 149,200

Income after taxes 317,650 331,700

Income taxes 80,600 83,200

Net income $237,050 $248,500

Compute each income statement component for each of the two years as a percent of sales. (Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).)