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 $ 755,000 $ 690,000 Cost of goods sold 562,700 299,800 Gross profit 192,300 390,200 Operating expenses 128,000 230,000 Net income $ 64,300 $ 160,200