Exercise 1 (Chapter 9)-Vertical Analysis Thomas Company reported the following operating results for 2017: Percentage 2018 Amountof Sales Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes Net income $800,000 450,000 ? 350,000 ? 100,000 ? 250,000 ? 50,000 200,000 ? Required Express each income statement line item as a percentage of sales rounding to one decimal point