Sharma Company reported the following operating results for two consecutive years: Required Express each income statement component for each of the two years as a percentage of sales. Note: Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4). Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes Net income SHARMA COMPANY Vertical Analysis of Income Statements Year 4 Percentage of Sales $ $ 1,000,000 590,000 410,000 120,000 290,000 60,000 230,000 % % Year 3 $ 800,000 450,000 350,000 100,000 250,000 50,000 200,000 $ Percentage of Sales % %

Sharma Company reported the following operating results for two consecutive years: Required Express each income statement component for each of the two years as a percentage of sales. Note: Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4)