/ertical analysis of income statement ollowing condensed comparative income statement: which you must enter subtracted or negative numbers use a minus sign. 2. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). The vertical analysis indicates that the costs other than selling expenses (cost of goods sold and administrative expenses) as a percentage of sales. As a result, net income as a percentage of sales . The sales promotion campaign appears to have been .While selling expenses as a percent of sales increased slightly, the increased cost was more than made up for by increased