Munoz Company reported the following operating results for two consecutive years. Required Compute each income statement component for each of the two years as a percentage of sales. (Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4).) Percentage of Sales % Sales Cost of goods sold Gross margin on sales Operating expenses MUNOZ COMPANY Vertical Analysis of Income Statements Percentage of Year 4 Year 3 Sales $ 1,003,500 % $ 1,085,000 551,925 599,400 451,575 485,600 129,300 148,000 322,275 337,600 81,000 83,000 $ 241,275 % $ 254,600 Income before taxes Income taxes Net income %