eBook Show Me How Calculator Print Item Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales Cost of goods sold Selling expenses Administrative expenses Income tax expense a. Prepare an income statement in comparative form, stating each item for both years as a percentages to one decimal place. Enter all amounts as positive numbers. $549,000 329,400 87,840 93,330 16,470 $500,000 275,000 90,000 80,000 20,000 Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Previous year Amount Previ Current year Amount Current year Percent a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required,round percentages to one decimal place. Enter all amounts as positive numbers Innovation Quarter Inc. Comparative Income Statement For the Years Ended 31 Previous year Amount Current year Amount Current year Percent Previous year Percent Sales $549,000 Cost of goods sold 329,400 Selling expenses Administrative expenses 93,330 87,840 90,000 80,000 16,470 20,000 d as a percent of salesby 1 percentage b. The vertical analysis indicates that the cost of goods sold as a percent of sales seiling expenses by 2 percentage points, and a Yll by 3 percentage points PM Ai Ps