Using the following income statements, perform the calculations needed for vertical analyses. (Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Current Previous Net Sales $ 130,000 % $ 93,000 % Cost of Goods Sold 70,000 54,000 Gross Profit 60,000 39,000 Selling, General, and Administrative Expenses 10,800 5,700 Income from Operations 49,200 33,300 Interest Expense 3,600 4,650 Income before Income Tax 45,600 28,650 Income Tax Expense 13,680 8,595 Net Income $ 31,920 % $ 20,055 %