Instructions Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $2,580,000 $3,550,000 1,578,960 1,938,.300 Cost of goods sold 304,440 546,700 Selling expenses 397,320 Administrative expenses 440,200 198,800 Income tax expense 134,160 A. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages answers to one decimai place. Enter al amounts as positive numbers B. Comment on the significant changes disclosed by the comparative income statement Instructions Income Statement Amount Percent Percent Amount Sales 2,580,000.00 3,550,000.00 Cost of goods sold 1,578,960.00 938,300.00 1,611,700.00 s Gross prof $1,001,040.00 6Seling expenses 546,700.00 304,440.00 40,20000 397,32000 Administrative expenses 986,900.00 701,760.00 8Total operating expenses 624,800.00 299,28000 Income from operations 9 98,800,00 134,160.00 0 Income tax expense $426,000.00 165,12000 1 Net income Comment on the significant changes disclosed by the comparative income statement. The vertical analysis indicates that the cost oflgoods sold as a percent of sales by 6.60 percentage points, while seling expenses by 3.60 percentage points, and adrir strat ve expenses- by 3 00 percentage point. Thus, ret noore as a percent of sales by S60 percentage points by 5.60 percentage points