Revenue and expense data for Young Technologies Inc. are as follows: Year 2 Sales Cost of goods sold Selling expense Administrative expenses Income tax expense $500,000 325,000 70,000 75.000 10,500 Year 1 $440,000 242,000 79,200 70.400 16.400 Required: a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round amounts to nearest whole percent Young Technologies Inc. Comparative Income Statement For the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent 09 & 8 9 R T U H K Young Technologies Inc Comparative Income Statement For the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent 56 Tebal b. Comment on the significant changes disclosed by the comparative income statement The vertical analysis indicates that the cost of goods sold as a percent of sales expense as a percentage of sales and income tax expense between the two years. Selling and Overall net income as a percent & 6 7 8 0 R U F G J