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

A1 V | | Lake Athletics sells two distinct product lines: Apparel and Equipment ? ake Athletics sells two dlstinct product lines: Apparel and tquipment. 2 he income statement for each product line appears beloww LAKE ATHLETICS Income Statement For the Year Ended December 31, 20X1 rel Amount Percent Amount Percent $5,550,000 2,720,000 2,830,000 875,000 9 et sales 10 ost of goods sold 11 iross profit 12 perating expenses 13 perating income 14 ther income 15 ncome before tax 16 come tax expense 17 et income 18 19 equired: 20 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 (ote: You should use absolute references in the divisors of aN formulas. 23Use the Excel IF function and the completed vertical analysis above to answer each of the 24 questions below: $3,150,000 1,400,000 1,750,000 800,000 950,000 20,000 970,000 241,250 5728,750 10,000 1,965,000 491,000 $1474,750 .Sheet1 READY 100%