LCULATOR PRINTER VERSION Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net Income 2020 $870,000 579,420 119,190 62,640 30,450 78,300 2019 $630,000 449,190 82,530 54,180 25,830 18,270 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round percentages to 1 decimal place, e.g. 12.1%.) NOVAK CORP. Condensed Income Statement 2020 Percent 2019 Percent Amount Amount Sales $870,000 % $630,000 Cost of goods sold 579,420 % 449,190 % Gross profit 290,580 % 180,810 % % 82,530 % % 54,180 % Selling expenses 119,190 Administrative expenses 62,640 Total operating expenses 181,830 Income before income taxes 108,750 % 136,710 9 % 44,100 % Income tax expense 30,450 % 25,830 % Net Income $78,300 % $ 18,270 % tv AM W