Use the following income statement to perform a vertical analysis and check if selling, general, and administrative (SG&A) expenses are in line with the industry average of 37 percent. (Click the icon to view the income statement.) Complete the vertical analysis below. (Round percentages to the nearest tenth percent, X.X%.) Karey Corp. Income Statement (adapted) For the Year Ended November 30, 2023 Amount Percent Net sales $ 304,250 % 147,900 Cost of goods sold Gross margin 156,350 Selling, general, and administrative 106,920 expenses Income from operations 49,430 20,105 Income tax expense $ 29,325 Net income Income Statement Karey Corp. Income Statement For the Year Ended November 30, 2023 Net sales $ 304,250 147,900 Cost of goods sold Gross margin 156,350 Selling, general, and administrative 106,920 expenses Income from operations 49,430 20,105 Income tax expense $ 29,325 Net income Print Done