The Ambrose Department Stores, Inc. chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the averages for the industry. The CEO has given you the company's income statement and balance sheet as well as the industry average data for retailers. (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) Requirements 1. Prepare a vertical analysis for Ambrose for both its income statement and balance sheet. 2. Compare the company's profit performance and financial position with the average for the industry. Requirement 1. Prepare a vertical analysis for Ambrose for both its income statement and balance sheet. Begin by preparing a vertical analysis for Ambrose for its income statement. (Round the percent of total amounts to one decimal place, X.X%.) Ambrose Department Stores, Inc. Income Statement Year Ended December 31, 2016 Amount Percent of Total Net Sales $ 776,000 523,800 % Cost of Goods Sold Gross Profit % 252,200 161,408 Operating Expenses Operating Income % % 90,792 6,984 Other Expenses $ 83,808 Net Income %