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Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $4,000,000 $3,600,000 Cost of goods sold 2,280,000 1,872,000 Selling expenses 600,000 648,000 Administrative expenses 520,000 360,000 Income tax expense 240,000 216,000 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Current year Previous year Previous year Amount Percent Amount Percent Sales $4,000,000 100 % $3,600,000 100 % Cost of goods sold (2,280,000) 57 (1,872,000) 52 Gross profit 1,720,000 43 1,728,000 48 Selling expenses $(600,000) 15 $(648,000) 18 Administrative expenses (520,000) 13 (360,000) 10 Total operating expenses $ 1,120,000 28 1,008,000 28