M13-2 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 Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income $ 225,000 108,000 117,000 16,500 100,500 5,500 95,000 28,500 $ 66,500 %| $ 150,000 82,500 67,500 9,500 58,000 7,500 50,500 15,150 %| $ 35,350