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1. Use vertical analysis to compare profitability Perform Vertical Analysis - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEWVIEW Calibri Paste B 1 u Alignment Number Conditional Format as Cel CellsEditin g Formatting TableStyles Clipboard Font Styles A1 | : | X Lake Athletics sells two distinct product lines: Apparel and Equipment Lake Athletics sells two distinct product lines: Apparel and Equipment 2The income statement for each product line appears below LAKE ATHLETICS Income Statement Forthe Year Ended December 31, 20X1 Apparel Equipment Amount Percent Amount Percent 9 Net sales 10 Cost of goods sold 11 Gross profit 12 Operating expenses 13 Operating income 14 Other income 15 Income before tax 16 Income tax expense 17 Net income $3,150,000 1,400,000 1,750,000 800,000 950,000 20,000 970,000 241,250 S728,750 $5,550,000 2,720,000 2,830,000 875,000 1,955,000 10,000 1,965,000 491,000 51,474.750 100.0 19 Required: 20 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns 21for both product lines above. Express each amount as a percentage of net sales 22 Note: You should use absolute references in the divisors of all formulas 23 2. Use the Excel IF function and the completed vertical analysis above to answer each of the