Required: Using the following income statements, perform the calculations needed for vertical analyses. Note: Round percentage values to 1 decimal place. LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Current Previous Net Sales $110,000 96 $ 81,000 96 Cost of Goods Sold 62,000 96 48,000 96 Gross Profit 48,000 96 33,000 96 Selling, General, and Administrative Expenses 9,600 96 4,900 96 Income from Operations 38,400 96 28,100 96 Interest Expense 3,200 96 4,050 96 Income before Income Tax 35,200 96 24,050 96 Income Tax Expense 10,560 96 7,215 96 Net Income $ 24,640 96 $ 16,835 96