Using the following income statements, perform the calculations needed for vertical analyses. (Round your percentage answers to 1 decimal place.) % % LOCKEY FENCING CORPORATION Income Statements For the Year Ended December 31 Current Net Sales $ 150,000 Cost of Goods Sold 78,000 Gross Profit 72.000 Selling, General, and Administrative Expenses 12,000 Income from Operations 60,000 Interest Expense 4,000 Income before Income Tax 56,000 Income Tax Expense 16,800 Net Income $ 39,200 Previous $ 105,000 60,000 45,000 6.500 38,500 5.250 33.250 9,975 $ 23.275 % %