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Complete the following vertical analyses of Butterfly Corporation's income statement. What line item is the largest percent of sales in 2019? How has it changed

Complete the following vertical analyses of Butterfly Corporation's income statement. What line item is the largest percent of sales in 2019? How has it changed from 2019 to 2019?image text in transcribed

Begin by completing the following vertical analyses of Butterfly Corporation's income statement. (Round percentages to the nearest tenth of a percent, X.X%.) As a percent of sales (in millions) 2019 2018 2019 2018 Sales 68,000 $ 70,000 % 36,448 33,600 Cost of Goods Sold % Gross Profit 31,552 36,400 % Selling, General, and Administrative Expenses 16,456 18,340 % % Research and Development Expense 7,480 8,960 % 272 560 Interest Expense % Earnings Before Provision for Taxes 7,344 8,540 % % 2,856 4,340 Provision for Taxes % % $ 4,488 $ 4,200 Net Income %

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