Chapter 13 Required Homework 8 00 Saved 1.25 points eBook Hint Print References Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Income Statement Reason for Dedine in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ 56 Sales $ 760.000 100.0 $660,000 1000 Cost of goods sold 568.100 748 280,000 Gross profit 191.900 25.3 380,000 Operating expenses 128,000 16.8 268,400 Net income $ 63.900 8.4 $111.600 Reason for Decline in Net Income >