Operating data for Sheridan Corporation are presented as follows.

Operating data for Sheridan Corporation are presented as follows. 2022 2021 Net sales $749,000 $603,000 Cost of goods sold 467,376 390,744 Selling expenses 118,342 69,948 Administrative expenses 58,422 59,094 Income tax expense 29,211 26,532 Net income 75,649 56,682 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 $749,000 % $603,000 % Cost of goods sold 467,376 % 390,744 % Gross profit 281,624 % 212,256.0 % Selling expenses 118,342 % 69,948 % Administrative expenses 58,422 % 59,094 % Total operating expenses 176,764 % 129,042 % Income before income taxes 104,860 % 83,214 % Income tax expense 29,211 % 26,532 % Net income $75,649 % $56,682 %