Exercise 13-2A Vertical analysis LO 13-1 Baird Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percent of sales. (Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes Net income BAIRD COMPANY Vertical Analysis of Income Statements Year 4 Percentage of Sales Year 3 Percentage of Sales $ 998,500 % $ 1,076,000 % 549,175 600,000 449,325 476,000 129,700 148,200 319,625 327,800 80,300 80,600 $ 239,325 % $ 247,200 %