Coronado Manufacturing has provided the following information: 2020 LorMac, Inc. Sales Cost of Goods Sold Gross margin Operating expenses Income before income tax Income tax (20%) Net income 692,000 416,000 276,000 217,000 59.000 11,800 47,200 2019 654,000 371,000 283,000 204,000 79,000 15,800 63,200 2018 602,000 331,000 271,000 183,000 88,000 17,600 70,400 Use vertical analysis to evaluate any strengths or weaknesses that Coronado should be aware of. (Round percentage answers to O decimal places, e.g. 25%.) 2020 Sales $ 692,000 6.82 % Cost of Goods Sold 416,000 i 11.35 % Gross margin 276,000 17.10 % Operating expenses 217,000 i 21.75 % Income before income tax 59,000 80 % Income tax 11,800 i 25 % Net income $ 47,200 100 % 2019 2018 S 654,000 9.7 % S 602,000 11.69 % 371,000 i 17.04 % 331,000 M 21.27 283,000 22.33 % 271,000 25.98 % 204,000 i 30.98 1% 183,000 i 38.47 % 79,000 80 % 88,000 80 % 15,800 i 4 % 17,600 400 % $ 63,200 100 % $ 70,400 100 %