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Vertical Aralyis of thcome statement Reveriae and expense data for Inhovation Guarter Inc foe two recent years are bs follows: swerints as poeltive numbeis a. Prepare an income statement in comgarative form, stating cach item for both vears as a percent of sales, if required, round percentages to one decimal place. Enter amocints as positive numbers: b. The vertical andysis indicates that the cost of merchandise sold as a percent of sales by 8 percentage points, whle selling expenses by 4 percentage points, and adminestrative expenses by 1 percentage points. Thus, net income as a percent of sales by 3 percentage poins