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.) L OCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Previous %| $ 90,000 52,500 37,500 5,500 32,000 4,500 27,500 8250 % s 19.250 Net Sales Cost of Goods Sold Gross Profit 125,000 68,000 57,000 Selling. General, and Administrative Expenses 10,500 46,500 3,500 43,000 12,900 30,100 Income from Operations Interest Expense Income before Income Tax income Tax Expense Net Income