Operating data for Sheridan Corporation are presented as follows.

		2022			2021
Net sales		$753,000			$597,000
Cost of goods sold		466,107			386,259
Selling expenses		123,492			68,655
Administrative expenses		57,228			51,939
Income tax expense		30,120			22,686
Net income		76,053			67,461

Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%.)

SHERIDAN CORPORATION Condensed Income Statements For the Years Ended December 31
	2022				2021
	Amount		Percent		Amount		Percent
Net sales	$753,000		enter percentages %		$597,000		enter percentages %
Cost of goods sold	466,107		enter percentages %		386,259		enter percentages %
Gross profit	286,893		enter percentages %		210,741.0		enter percentages %
Selling expenses	123,492		enter percentages %		68,655		enter percentages %
Administrative expenses	57,228		enter percentages %		51,939		enter percentages %
Total operating expenses	180,720		enter percentages %		120,594		enter percentages %
Income before income taxes	106,173		enter percentages %		90,147		enter percentages %
Income tax expense	30,120		enter percentages %		22,686		enter percentages %
Net income	$76,053		enter percentages %		$67,461		enter percentages %