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. Note: Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4). Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes Net income FANNING COMPANY Vertical Analysis of Income Statements Year 4 Percentage of Sales Year 3 Percentage of Sales $ 1,000,500 % $ 1,078,000 % 550,275 601,600 450,225 476,400 129,800 148,600 320,425 327,800 81,000 82,000 $ 239,425 % $ 245,800 %