Franklin 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. (i.e., .234 should be entered as 23.4).) Percentage of Sales % Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes FRANKLIN COMPANY Vertical Analysis of Income Statements Percentage of 2019 2018 Sales S 997,500 % $ 1,077,000 548,625 598,800 448,875 478,200 129,900 149,400 318,975 328,800 79,600 83,800 S 239,375 % $ 245,000 Net income %