Exercise 13-4 (Algo) Computing and Interpreting common-size percents LO P2 Express the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible for the decline in net income? Complete this question by entering your answers in the tabs below. Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Sales $ 790,000 Current Year % Prior Year $ 100.0 S Prior Year % 640,000 100.0 Cost of goods sold 562,700 70.9 288,800 44.4 Gross profit 227,300 29.1 351,200 55.8 Operating expenses 130,400 16.2 278,000 38.8 Net income $ 96,900 12.9 S 73,200 18.8 Reason for Decline in Net Income >