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 percentage of sales. (Percentages may not add exactly due to rounding. Round your percentage answers to 1 decimal place. (.e., 0.234 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 Net income FRANKLIN COMPANY Vertical Analysis of Income Statements Year 4 Percentage of Sales Year 3 $ 996,000 % $ 1,081,000 547 800 600,400 448,200 480,600 129,600 151,000 318,600 329,600 80.500 82,200 $ 238,100 % $ 247 400 %