Prepare a comparative income statement for 20X2 and 20X1 using vertical analysis and evaluate the results

Problem 2 VERTICAL ANALYSIS. The Lyons Corporation reported the following income statement data: 20X2 20X1 Net sales Cost of goods sold Operating expenses $400,000 $280,000 $75,000 $250,000 $160,000 $56.000 Requirement: Prepare a comparative income statement for 20x2 and 20X1 using vertical analysis, and evaluate the results