Use vertical analysis to compare profitability. (All answer must be entered as a formula)

C10 1 Lake Athletics sells two distinct 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 7 Apparel Equipment Amount Percent Amount Percent 9 Net sales 10 Cost of goods sold 11 Gross profit 12 Operating expenses 13 Operating income 14 Other income 15 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 21 for both product lines above. Express each amount as a percentage of net sales. 22 Note: You should use absolute references in the divisors of all formulas. ,400,000 800,000 20,000 241,250 2,720,000 2,830,000 875,000 10,000 1,965,000 491,000 $728,750