Exercise 12-2A Prepare vertical analysis (LO12-1) The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a vertical analysis of the data for 2022 and 2021. (Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 2022 2021 Amount % Amount % Net sales $ 18,400,000 100.0 $ 15,100,000 Cost of goods sold 13,358,400 6,764,800 Gross profit 5,041,600 8,335,200 Operating expenses 1,490,400 1,102,300 Depreciation expense 901,600 921,100 Inventory write-down 128,800 0 Loss (litigation) 1,398,400 347,300 Income before tax 1,122,400 5,964,500 Income tax expense 368,000 1,887,500 Net income $ 754,400 $ 4,077,000