Jordan 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)

JORDAN COMPANY Vertical Analysis of Comparative Income Statement Percentage Percentage of 2014 2015 of Sales 2,000,000 100.0 1,600,000 100.0 Sales 56.3 1,180,000 59.0 900,000 Cost of goods sold 43.8 41.0 820,000 700,000 Gross margin on sales 240,000 200,000 Operating expenses 580,000 500,000 Income before taxes 100,000 120,000 Income taxes S 460,000 400,000 L Net income