Exercise 13-2A Vertical analysis LO 13-1 Franklin 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 s to rounding. Round your answers to 1 decimal place. (i.e., .234 should be entered as Percentage of Sales % Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes FRANKLIN COMPANY Vertical Analysis of Income Statements 2019 Percentage of 2018 Sales $ 1,003,000 % $ 1,078,000 551,650 600,600 451,350 477 400 129,100 149,000 322,250 328,400 79,900 83,200 $ 242,350 % 245,200 Net income $ %