Exercise 13-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? 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 Sales Cost of goods sold Gross profit Operating expenses Net income Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ % $ $ 795,000 $ 665,000 562,700 288,800 232,300 376,200 128,000 274,400 $ 104,300 $ 101,800 Income Statement Reason for Decline in Net Income >