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?

Express the following comparative income statements in common-size percents.(Round your percentage answers to 1 decimal place.)

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 Reason for Statement 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 $ 745,000 $ 665,000 Cost of goods sold 560,000 282,200 Gross profit 185,000 382,800 Operating expenses 130,400 244,400 Net income $ 54,600 $ 138,400 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? Reason for Decline in Net Income Income Statement Using the common-size percentages, which item is most responsible for the decline in net income?