Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:

Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $568,000 $477,000 Cost of goods sold 335,120 243,270 Selling expenses 90,880 95,400 Administrative expenses 102,240 81,090 Income tax expense 17,040 23,850 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 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 $568,000 % $477,000 % Cost of goods sold 335,120 % 243,270 % ' 4:] % 4:] % Selling expenses 90,880 % 95,400 % Administrative expenses 102.240 % 81,090 % WWWWH lllllllllllllllll ' 4:] we 4:] % ' [:1 [:1 Income tax expense 17.040 % 23,850 % ' 4:] % 14:] % b. The vertical analysis indicates that the cost of goods sold as a percent of sales 7 by 8 percentage points, while selling expenses 7 by 4 percentage points, and administrative expenses v by 1 percentage points. Thus, net income as a percent of sales '7 by 3 percentage points