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 $ 785,000 $ 700,000 Cost of goods sold 570,800 286,600 Gross profit 214,200 413,400 Operating expenses 129,200 279,200 Net income $ 85,000 $ 134,200 Income Statement Reason for Decline in Net Income >