Operating data for Navarro Corporation are presented below. 2015 2014 Net sales $750,000 $600,000 Cost of goods sold 465,000 390,000 Selling expenses 105,000 66,000 Administrative expenses 60,000 54,000 Income tax expense 36,000 27,000 Net income 84,000 63,000 Prepare a schedule showing a vertical analysis for 2015 and 2014. (Round answers to 1 decimal place, e.g. 48.5%.) NAVARRO CORPORATION Condensed Income Statements For the Years Ended December 31 2015 2014 Amount Percent Amount Percent Net sales $750,000 % $600,000 % Cost of goods sold 465,000 % 390,000 % Gross profit 285,000 % 210,000 % Selling expenses 105,000 % 66,000 % Administrative expenses 60,000 % 54,000 % Total operating expenses 165,000 % 120,000 % Income before income taxes 120,000 % 90,000 % Income taxes expense 36,000 % 27,000 % Net income $84,000 % $63,000 %