The Klein 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.) Data Table Read the requirements. Requirement 1. Prepare a vertical analysis for Klein for both its income statement and balance sheet. Begin by preparing a vertical analysis for Klein for its income statement. (Round the percent of total amounts to one decimal place, X.X%.) Klein Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Requirements Klein Department Stores, Inc. Income Statement Year Ended December 31, 2018 Amount Percent of Total Industry Average Klein Net Sales Revenue $ 778,000 524,372 100.0 % 65.8 Net Sales Revenue $ % Cost of Goods Sold 778,000 524,372 1. Prepare a vertical analysis for Klein for both its income statement and balance sheet. 2. Compare the company's profit performance and financial position with the average for the industry. % Gross Profit Cost of Goods Sold Gross Profit 253,628 159,490 34.2 19.7 % 253,628 159.490 Operating Expenses Operating Income Operating Expenses % Print Done 94,138 6,224 14.5 0.4 Other Expenses Enter any number in the edit fields and then click Check Answer. $ 87,914 14.1 % Net Income parts remaining Clear All - X i Data Table Klein Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2018 Industry Klein Average $ 339,000 70.9% 130,000 23.6 Current Assets Property, Plant, and Equipment, Net Intangible Assets, Net Other Assets Total Assets 0.8 7,000 24,000 4.7 500,000 100.0 % Current Liabilities 232,000 111,000 48.1 % 16.6 Long term Liabilities Data Table Klein Average $ 70.9% 23.6 Current Assets Property, Plant, and Equipment, Net Intangible Assets, Net Other Assets 339,000 130,000 7,000 24,000 0.8 4.7 $ 500,000 100.0 % Total Assets $ 48.1 % Current Liabilities Long-term Liabilities Total Liabilities 232,000 111,000 16.6 64.7 343,000 157,000 35.3 Stockholders' Equity $ 500,000 100.0 % Total Liabilities and Stockholders' Equity