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? Statement Decline in Net Income Reason for 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 $ 735,000 $ 655,000 Cost of goods sold 565.400 288,800 Gross profit 169,600 366,200 Operating expenses 129,200 228.800 Net income $ 40,400 $137.400 Income Statement Reason for Decline in Net Income Using the common-size percentages, which item is most responsible for the decline in net income?