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FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign in 11 AA Paste BTU- Crib Alignment Number Conditional Format al Cell Formatting - Table Styles - Clipboard Font AL Lake Athletics sells two distinct product lines: Apparel and Equipment. B D E F Lake Athletics sells two distinct product lines: Apparel and Equipment. The income statement for each product line appears below. LAKE ATHLETICS income Statement For the Year Ended December 31, 20X1 Apparel Equipment Amount percent Amount percent 9 Net sales 53,150,000 $5,550,000 10 cost of goods sold 1,400,000 2,720,000 11 Gross proft 1,750,000 2,990,000 12 Operating expenses 300,000 375,000 13 Operating income 950,000 1,955,600 14 Other income 20,000 10,000 15 Income before tax 970,000 165.000 16 Income tax expense 241,290 499,000 17 Net income 5728,750 51,474,750 18 19 Required: 20 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns 21 for both product lines above. Express each amount as a percentage of net sales. 22 Note: You should use absolute references in the divisors of all formulos. 2.2 2. Use the Excel tf function and the completed vertical analysis above to answer each of the 24 questions below: Sheet1 . - Pero vertical FORMULAS DATA FILE HOME INSERT PAGE LAYOUT REVIEW VIEW Sign In . Calib Patte Cells Alignment Number Conditional Formatas Cell Formatting Table Styles Clipboard Font Lake Athletics sells two distinct product lines: Apparel and Equipment A B D E 9 Net sales 53,150,000 55,550,000 10 cost of Foods 3010 1,400,000 2,720,000 11 Gross profit 1,750,000 2,830,000 12 Operating expenses 300,000 375,000 13 Operating income 950,000 1,355,000 14 Other income 20,000 10,000 15 Income before tax 970,000 2,665,000 16 income tax expense 241,290 492,000 17 Net income 5728,750 51,474,750 18 19 Required: 20 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns 21 for both product lines above. Express each amount as a percentage of net sales. 22 Note: You should use absolute references in the divisors of all formulos. 23 2. Use the Excel IF function and the completed vertical analysis above to answer each of the 24 questions below: 25 26 which product line has the highest gross profit %? 27 which product line has the highest net income %? 28 29 30 31 Sheet1 READY 100%