Use vertical analysis to compare profitability

1. Use vertical analysis to compare profitability Perform Vertical Analysis-Excel HOME INSERT PAGE LAYOUTFORMULAS DATA REVIEW V Sign In -11A ED--A- Aignment Number Conditional Format as Cel Cells Editing Calen Paste Clipboard A1 B I Formatting" Table Styles Styles x-/ Lake Athletics sells two distinct product lines: Apparel and Equipment. |Lake Athletics sells two dtinct product lines: Apparel and Equipment. 2 The income statement for each product line appears below LAKE ATHLETICS Income Statement For the Year Ended December 31, 20x1 Apparel Equipment Percent 9 Net sales 10 Cost of goods sold 11 Gross pront 2 Operating expenses 1s Operatng income 4 Other income before tax 16 Income tax expense 17 Net income 18 19 Required 20 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns 21for both product lines above. Express each amount as a percentage of net sales. 22 Note: You should use obsolute references in the divisors of alformulas 23 2. Use the Excel IF function and the completed vertical analysis above to answer each of the 24 questions below Sheet1 Attempts) References Excel Simulation Difficulty: 3 Hard