Conduct a vertical analysis of the income statement shown below. (Round to two decimal places.)

Trucker, Inc.

Income Statement

For the Year Ended December 31, 2017

Net Sales $7,000

Cost of Goods Sold 3,800

Gross Profit 3,200

Operating Expenses:

Selling Expenses 950

Administrative Expenses 670

Total Operating Expenses 1,620

Operating Income 1,580

Other Revenues and (Expenses):

Interest Revenue 0

Interest Expense (750)

Total Revenues and (Expenses) (750)

Income Before Income Taxes 830

Income Tax Expense 150

Net Income $680