pleasse show the formula for the questions shown in the second photo :)

Saved Comment Proofing Show ink Language Comments E26 B D 1 Lake Athletics sells two distinct product lines: Apparel and Equipment. 2 The income statement for each product line appears below. 3 4 LAKE ATHLETICS 5 Income Statement 6 For the Year Ended December 31, 20X1 7 Apparel Equipment 8 Amount Percent Amount Percent 9 Net sales $5,150,000 100.0 $5,550,000 100.0 10 Cost of goods sold 1,400,000 44.4 2,720,000 49.0 11 Gross profit 1,750,000 55.6) 2,830,000 51.0 12 Operating expenses 800,000 25.4 875,000 15.8 13 Operating income 950,000 30.2 1,955,000 352 14 Other income 20,000 0.6 10,000 0.2 15 Income before tax 970,000 30.8 1,965,000 35.4 16 Income tax expense 241,250 7.7 491,000 8.8 $728,750 17 Net income 23.1 $1,474,750 26.6 18 19 Required: 20 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns 21 for both product lines above. Express each amount as a percentage of net sales. 22 Note: You should use absolute references in the divisors of all formulas. 23 2. Use the Excel IF function and the completed vertical analysis above to answer each of the 24 questions below: 21 24 20 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns for both product lines above. Express each amount as a percentage of net sales. 22 Note: You should use absolute references in the divisors of all formulas. 23 2. Use the Excel IF function and the completed vertical analysis above to answer each of the questions below: 25 Which product line has the highest gross profit %? 27 Which product line has the highest net income %? 28 29 30 31 26 Sheet1 100% READY Attempt(s) Hint 6/10