The following information was obtained from the income statements of Phillips Company and Gray Company to be used in vertical analysis. Income Statement For Year Ended December 31, 2019 Phillips Company Gray Company Sales $2,625,000 $525,000 Cost of Goods Sold 1,050,000 189,000 Gross Profit 1,575 000 336,000 Operating Expense 1,102,500 223,400 Income before Taxes 472,500 112,600 Income Tax Expense 174,825 41,662 Net Income $297,675 $70,938 Required: 1. Compute Phillips Company's Cost of goods sold as a percentage of sales. 2. Compute Gray Company's Cost of goods sold as a percentage of sales. Round your responses to two decimal places. 1. Phillips Company : 2. Gray Company : 0 %