Remaining Time: 2 hours. 32 minutes, 36 seconds. Question Completion Status: The income statements for MGM Manufacturing Inc. are provided for two recent years: 2021 2020 Revenue $ 1,100,000 $1,050,000 Cost of goods sold 340,000 300,000 Gross profit 760,000 750,000 Expenses Salaries 221,000 165,000 Depreciation expense 37.500 37,500 Other operating expenses 161,500 142.500 Total operating expenses 420,000 345,000 Profit from operations 340,000 405,000 Interest expense (15,000) (15,000) Income tax expense (22,500) (27,000) Profit $ 302.500 $363.000 Instructions a) Using the above information to prepare a vertical analysis for MGM. b) Using the analysis completed in part a), identify the reason for MGM's decreasing profit at the same time that revenue is increasing T T T Arial 3 (12pt) Click Save and submit to save and submit. Click Save AILAnswers to save all answers