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 % % 100.0 Net sales 18,200,000 100.0 14,900,000 Cost of goods sold 13,431,600 6,645,400 Gross profit 4,768,400 8,254,600 1,057,900 Operating expenses 1,437,800 879,100 Depreciation expense 855,400 Inventory write-down 91,000 1,346,800 0 268,200 6,049,400 Loss (litigation) Income before tax 1,037,400 327,600 709,800 Income tax expense 1,832,700 4,216,700 Net income