Prepare a vertical analysis of the data for 2025 and 2024. (Round your percentage answers to FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 2025 2024 Amount % Amount % Net sales Cost of goods sold Gross profit $ 19,400,000 100.0 $ 16,100,000 100.0 12,920,400 7,373,800 6,479,600 8,726,200 es Operating expenses 1,765,400 1,336,300 Depreciation expense 1,144,600 1,143,100 Inventory write-down 329,800 0 0.0 Loss (litigation) 1,668,400 289,800 Income before tax 1,571,400 5,957,000 Income tax expense 582,000 2,173,500 Net income $ 989,400 4.7 $ EA 3,783,500