Exercise 12-2 (Algo) Prepare vertical analysis (LO12-1) The income statements for Federer Sports Apparel for 2025 and 2024 are presented below. Required: Prepare a vertical analysis of the data for 2025 and 2024. (Round your percentage answers to 1 decimal place.) > Answer is complete but not entirely correct. FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 2025 2024 Amount % Amount % Net sales $ 17,800,000 100.0 $ 14,500,000 100.0 Cost of goods sold 13,563,600 76.3 X 6,409,000 44.2 Gross profit 4,236,400 23.7 x 8,091,000 55.8 Operating expenses 1,335,000 7.5 971,500 6.7 Depreciation expense 765,400 4.3 797,500 5.5 Inventory write-down 17,800 0.1 0 0.0 Loss (litigation) 1,246,000 7.0 203,000 1.4 Income before tax 872,200 4.9 6,119,000 42.1X Income tax expense 249,200 1.4 1,725,500 11.9 Net income $ 623,000 3.5 $ 4,393,500 30.3