ending inventory, June 30,$96,580; net purchases, $84,320; total operating expenses, $126,600; and income tax, $16,500. (Round percentages to one decimal place.) Jefferson Airplane Parts, Inc. Comparative Income Statement First and Second Quarter, 2019 (a) As the assistant accounting manager for Jefferson Airplane Parts, Inc., construct an income statement with vertical analysis for the first quarter of 2019 from the following information: gross sales, $240,000; sales discounts, $45,500; beginning inventory, Jan. 1, $86,500; ending inventory, March 31, $103,300; net purchases, $76,800; total operating expenses, $108,000; and income tax, $14,450. (Round percentages to one decimal place.) Jefferson Airplane Parts, Inc. toromo ctatnmont (b) You have just received a report with the second-quarter figures. Prepare a comparative income statement with horizontal analysis for the first and second quarter of 2019: gross sales, $296,000; sales discounts, $41,300; beginning inventory, April 1 , $103,300; ending inventory, June 30,$96,580; net purchases, $84,320; total operating expenses, $126,600; and income tax, $16,500. (Round percentages to one decimal place.)