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Exercise 1 3 - 4 ( Static ) Computing and interpreting common - size percents LO P 2 Express the following comparative income statements in

Exercise 13-4(Static) Computing and interpreting common-size percents LO P2
Express the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible for the decline in net income?
Complete this question by entering your answers in the tabs below.
Income Statement
Reason for
Dedine in Net
Income
Express the following comparative income statements in common-size percents.
Note: Round your percentage answers to 1 decimal place.
\table[[GOMEZ CORPORATION],[Comparative Income Statements],[For Years Ended December 31],[,,Year $,Current Year %,Pri,Year $,Prior Year %],[Sales,$,740,000,,$,625,000,],[Cost of goods sold,,560,300,,,290,800,],[Gross profit,,179,700,,,334,200,4],[Operating expenses,,128,200,,,218,500,],[Net income,$,51,500,,$,115,700,]]
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