Computing and interpreting common-size percents Express the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible for the decline in net income? Complete this question by entering your answers in the tabs below. Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) CLEVELAND CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % Sales $ 755,000 $ 675,000 Cost of goods sold 568,100 293,200 Gross profit 186,900 381,800 Operating expenses 129,200 228,800 Net income $ 57,700 $ 153,000 Income Statement Reason for Decline in Net Income >