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Cotton Products, Inc. prepared Its income statement containing the Information below. Using vertical analysis, what percentages would apply to cost of sales, gross profit, and

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Cotton Products, Inc. prepared Its income statement containing the Information below. Using vertical analysis, what percentages would apply to cost of sales, gross profit, and Interest expense, respectively? Net Sales Cost of Sales Gross Profit Operating and Other Expenses Interest Expense Income Tax Expense Net Income 663,000 452,000 211,000 95,500 39,500 39,000 $ 37000 51.7% 64.6% 41.9% 0 | Cost of Sales | Gross Profit 100 0% | Interest Expense 18 5% 72.2% 1000% 467% 8.6% 68.2% 31.8% 6.0%

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