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Complete the following vertical analyses of Lady Bug Corporation's income statement. What line item is the largest percent of sales in 2019? How has it
Complete the following vertical analyses of Lady Bug Corporation's income statement. What line item is the largest percent of sales in 2019? How has it changed from 2018 to 2019? (Click the icon to view the income statements.) Begin by completing the following vertical analyses of Lady Bug 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 $ % % 64,000 $ 34,304 66,000 31,680 Cost of Goods Sold % % Gross Profit 29,696 34,320 % % 16,384 16,632 % % Selling, General, and Administrative Expenses Research and Development Expense 7,104 8,844 % % 128 198 Interest Expense % % Earnings Before Provision for Taxes % % 6,080 3,584 8,646 3,828 Provision for Taxes % % $ 2,496 $ 4,818 Net Income % % What line item is the largest percent of sales in 2019? How has it changed from 2018 to 2019? In 2019, the is the largest line item as a percent of sales. From 2018 to 2019, this line item (in millions) 2019 2018 Sales $ 64,000 $ 34,304 66,000 31,680 Cost of Goods Sold Gross Profit 29,696 34,320 16,384 16,632 Selling, General, and Administrative Expenses Research and Development Expense 7,104 8,844 128 Interest Expense 198 Earnings Before Provision for Taxes 6,080 8,646 3,584 3,828 Provision for Taxes $ 2,496 $ 4,818 Net Income
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