Exercise 13-2A Vertical analysis LO 13-1 Vernon 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. (ie...234 should be entered as 23.4).) Percentage of Sales Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes VERNON COMPANY Vertical Analysis of Income Statements 2019 Percentage of 2018 Sales $ 1,004,500 % $1,081,500 552.475 599,200 452,025 482,300 130,800 148,800 321.225 333,500 79.900 80,200 $ 241,325 %$ 253,300 Income taxes Net Income