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 Comparative Income Statements For Years Ended December 31 Current Year Sales Cost of goods sold Gross profit Operating expenses Prior Year % $ % $ 755,000 $ 665,000 565,400 282,200 189,600 129,200 382,800 263,600 Net income $ 60,400 $ 119,200 Reason for Decline in Net Income > 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 Using the common-size percentages, which item is most responsible for the decline in net income?