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 Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) Income before tax Income tax expense Net income 2025 2024 Amount % Amount % $ 18,600,000 100.0 $ 15,300,000 13,280,400 75.0 6,885,000 5,319,600 25.0 8,415,000 1,543,800 1,147,500 948,600 963,900 167,400 0 1,450,800 1,209,000 321,300 5,982,300 409,200 1,943,100 $ 799,800 $ 4,039,200