Print item Calculator Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $480,000 $427,000 Cost of goods sold 273,600 222,040 Selling expenses 81,600 81,130 Administrative expenses 91,200 72,590 Income tax expense 14,400 21.350 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. It required, round percentages to one decimal place. Enter all amounts as positive numbers. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent Sales $480,000 $427,000 Cost of goods sold 273,600 222,040 % 9 96 96 81,130 Selling expenses Administrative expenses 81,600 91,200 72,590 % 9 14,400 21,350 Income tax expense Check My Work 2 more Check My Work uses remaining Submit Assignet for Grading Save and Emainstructor LIPILIH 22ZOU Selling expenses 81,600 81,130 Administrative expenses 91,200 72,590 Income tax expense 14,400 21,350 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal places all amounts as positive numbers. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent Sales $480,000 % $427,000 273,600 96 Cost of goods sold 222,040 81,600 % Selling expenses Administrative expenses 81,130 91,200 96 72,590 % % Income tax expense 14,400 % 21,350 96 by 5 percentage points, while selling expenses by 2 percentage points. Thus, net income as a percent of sales b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 2 percentage points, and administrative expenses by 3 percentage points. Next Check My Work 2 more Check My Work uses remaining, Submit Assignment for Grad Emal instructor