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Operating data for Culver Corporation are presented as follows. 2022 2021 Sales revenue $838,100 $639,000 Cost of goods sold 519,622 410,877 Selling expenses 125,715 76,680

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Operating data for Culver Corporation are presented as follows. 2022 2021 Sales revenue $838,100 $639,000 Cost of goods sold 519,622 410,877 Selling expenses 125,715 76,680 Administrative expenses 75,429 51,759 Income tax expense 33,524 27,477 Net income 83,810 72,207 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) CULVER CORPORATION Condensed Income Statement 2022 2021 Amount Percent Amount Percent Sales $838,100 % $639,000 % Cost of goods sold 519,622 % 410,877 % Gross profit 318,478 % 228,123 % Selling expenses 125,715 % 76,680 % Administrative expenses 75,429 % 51,759 % Total operating expenses 201,144 % 128,439 % Income before income taxes 117,334 % 99,684 % Income tax expense 33,524 % 27,477 % Net income $ 83,810 % $ 72,207 %

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