M13-2 (Algo) Calculations for Vertical Analyses [LO 13-3] Using the following income statements, perform the calculations needed for vertical analyses. (Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Current Previous Net Sales $210,000 % $ 141,000 % Cost of Goods Sold 102,000 % 78,000 % Gross Profit 108,000 % 63,000 % ces Selling, General, and Administrative 15,600 % 8,900 % Expenses Income from Operations 92,400 % 54,100 % Interest Expense 5,200 % 7,050 % Income before Income Tax 87,200 % 47,050 % Income Tax Expense 26,160 % 14,115 Net Income $ 61,040 % $ 32,935 %