Sharma Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percentage of sales. (Percentages may not add exactly due to rounding. Round your percentage answers to 1 decimal place. (l.e., 0.234 should be entered as 23.4).) Percentage of Sales % Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes Not income SHARMA COMPANY Vertical Analysis of Income Statements Year 4 Percentage of Sales Year 3 $ 1,000,000 % $ 800,000 590,000 450,000 410,000 350,000 120,000 100,000 290,000 250,000 60,000 50.000 $ 230,000 $ 200.000 % %