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 pe decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year % Sales $ 740,000 $ 650,000 Cost of goods sold 565,400 288,800 Gross profit 174,600 361,200 Operating expenses 128,000 218,000 Net income $ 46,600 $ 143,200