Lake Athletics sells two distinct product lines: Apparel and Equipment. The income statement for each product line appears below. Percent Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income Income before tax Income tax expense Net income LAKE ATHLETICS Income Statement For the Year Ended December 31, 20X1 Apparel Equipment Amount Percent Amount $3,150,000 $5,550,000 1,400,000 2,720,000 1,750,000 2,830,000 800,000 875,000 950,000 1,955,000 20,000 10,000 970,000 1,965,000 241,250 491,000 $728,750 $1,474,750 Required: 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns for both product lines above. Express each amount as a percentage of net sales. Note: You should use absolute references in the divisors of all formulas. 2. Use the Excel IF function and the completed vertical analysis above to answer each of the questions below: Required: 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns for both product lines above. Express each amount as a percentage of net sales. Note: You should use absolute references in the divisors of all formulas. 2. Use the Excel IF function and the completed vertical analysis above to answer each of the questions below: Which product line has the highest gross profit %? Which product line has the highest net income %