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.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 2025 2024 Amount % Amount % Net sales $ 19,200,000 $ 15,900,000 Cost of goods sold 13,017,600 7,250,400 Gross profit 6,182,400 8,649,600 Operating expenses 1,708,800 1,287,900 Depreciation expense 1,094,400 1,097,100 Inventory write-down 288,000 0 Loss (litigation) 1,612,800 365,700 Income before tax 1,478,400 5,898,900 Income tax expense 537,600 2,114,700 Net income $ 940,800 $ 3,784,200