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 Prior Year $ % $ % Sales $ 770,000 $640,000 Cost of goods sold 570,800 297,600 Gross profit 199,200 342,400 Operating expenses 128,000 261,200 Net income $ 71,200 $ 81,200 < Income Statement Reason for Decline in Net Income >