Fanning Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percent of sales. (Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (.e., .234 should be entered as 23.4).) Percentage of Sales Sales FANNING COMPANY Vertical Analysis of Income Statements 2019 Percentage of 2018 Sales $ 1,000,500 $ 1,079,500 550,275 598,600 450,225 480,900 129,900 151,600 320,325 329,300 80,800 81,600 $ 239,5257 1 % $ 247,700 Gross margin on sales Operating expenses Income before taxes Income taxes Net income