Required: Express each income statement component as a percentage of sales, and comment on the trends in each line from 2013 to 2014.
(30 points)
	2014	% Sales	2013	% Sales	Comments
Sales	$ 1,000,000		$ 1,200,000
Cost of goods sold	$ 450,000		$ 600,000
Gross margin	$ 550,000		$ 600,000
Operating expenses	$ 600,000		$ 450,000
Net income	$ (50,000)		$ 150,000