nal Exam C 23 Lake Athletics sells two distinct product lines: Apparel and Equipment. The income statement for each product line appears below. LAKE ATHLETICS Income Statement For the Year Ended December 31, 20x1 Equipment Skipped Appart Amount Percent Amount Percent Net sales $3,150,000 $5.550,000 10 Cost of goods told 1400.000 2.720.000 11 Gross profit 1,750,000 2.830,000 17 Operating expenses 800.000 875,000 15 Operating Income 930,000 1.955,000 14 Other income 20,000 10.000 15 Income before tax 970.000 1,965,000 16 Income tax capence 241.250 491,000 17 Net Income $728.750 $1.474,750 19 Required: 30 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns 21 for both product lines above. Express each amount as a percent age of net ples. 23 Note: You should use obiolute references in the divisors of oil formulas. 23 2. Use the Excel IF function and the completed vertical analysis above to answer each of the 34 questions below. Shorll READY Attemptis 2/2 Stop: This is net sales divided by net sales multiplied by 100 in order to express as a percentage. Using absolute cell referencing for the divisor is recommended Type here to search owen