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Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 7 percentage points, while selling expenses by 3 percentage points, and administrative expenses by 1 percentage points. Thus, net income as a percent of sales by 3 percentage points