* Question Completion Status: b. In which year did Gellatly experience a higher gross* profit %? Prove your answer with the figures. c. In which year did Gellatly experience a higher Net Income %? *Show the figures in your answer c. In which year did Gellatly experience a higher Net Income %? Show the figures in your answer. d. Obviously, Gellatly had a higher Net Income in 2019 than in 2018. But what does the Vertical Analysis tell you about Gellatly's performance in 2019? lance In 20 197 2% MacBookKN-47851-202102 Take Test: Midterm Test Remaining Time: 40 minutes, 34 seconds Question Completion Status: Here are the two most recent income statements for Gellatly Inc.: 2019 2018 Sales $ 800,000 $600,000 Cost of Goods Sold 500,000 390,000 Gross Profit 300,000 210,000 Selling Expenses 120,000 72,000 Administrative Expenses 80,000 54,000 Income Tax Expense 38,400 25,200 Net Income $ 61,600 $ 58,800 79 -O O O y9:48 4 Yesterday Edit 12:48 PM ector Q Take Test: Midterm Test Remaining Time: 40 minutes, 34 seconds. Question Completion Status: 2019 2018 Sales 100.0% 100.0% Cost of Goods Sold Gross Profit Selling Expenses Administrative Expenses Income Tax Expense Net Income (? b. In which year did Gellatly experience a higher gross profit %? Prove your answer with the figures. 112% MacBook Air DII DD FR F 11 O delete U O P H9:47 4 Yesterday Edit 12:48 PM ector