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 $ 19,600,000 $ 16,300,000 Cost of goods sold 12,818,400 7,498,000 Gross profit 6,781,600 8,802,000 Operating expenses 1,822,800 1,385,500 Depreciation expense 1,195,600 1,189,900 Inventory write-down 372,400 0 Loss (litigation) 1,724,800 260,800 Income before tax 1,666,000 5,965,800 Income tax expense 627,200 2,233,100 Net income $ 1,038,800 $ 3,732,700