Operating data for Sheridan Corporation are presented as follows. 2022 2021 Net sales $751,000 $604,000 Cost of goods sold 460,363 393,808 Selling expenses 114,903 76,708 Administrative expenses 59,329 50,736 Income tax expense 34,922 30,200 Net income 81,483 52,548 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%.) 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 2021 Amount Percent % 2022 Amount Percent % $604,000 Net sales $751,000 % Cost of goods sold 460,363 % 393,808 Gross profit 290,637 % 210,192 % Selling expenses % % 76,708 114,903 Administrative expenses 59,329 % 50,736 % Total operating expenses 174,232 % 127,444 % % % Income before income taxes 116,405 82,748 Income taxes expense 34,922 % 30,200 200 % % % Net income $81,483 $52,548