Transcribed image text: Chapter 13 Excel Simulations 1 Saved Help Jiyn. TUNIVIULAJ HUIVIE IIVJERT THUL LATOUI KEVIEVV VIEVY A A Calibri 11 1 Conditional Format as Cll Formatting Table Styles IU- Paste Alignment Number Cells Editing Clipboard Font Styles C9 fx 30 points 1 Lake Athletics sells two distinct product lines: Apparel and Equipment. Skipped 2 The income statement for each product line appears below. LAKE ATHLETICS Income Statement eBook For the Year Ended December 31, 20X1 Apparel Equipment Amount Percent Amount Percent 9 Net sales Print $3,150,000 $5.550,000 10 Cost of goods sold 11 Gross profit 12 Operating expenses 13 Operating income 1.400.000 2,720,000 1,750,000 2,830.000 800,000 875,000 References 1,955,000 950,000 14 Other income 20,000 10,000 15 Income before tax 1,965,000 970,000 16 Income tax expense 241,250 491.000 $728,750 $1.474,750 17 Net income 18 19 Required: 20 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns for both product lines above. Express each amount as a percentage of net sales. 21 22 Note: You should use absolute references in the divisors of all formulas. 23 2. Use the Excel IF function and the completed vertical analysis above to answer each of the questions below: 24 Sheet1