Using the following income statements, perform the calculations needed for vertical analyses. (Round percentage place.) LOCKEY FENCING CORPORATION Income Statements % For the Years Ended December 31 Current Net Sales $ 105,000 Cost of Goods Sold 60,000 Gross Profit 45,000 Selling, General, and Administrative Expenses 9,300 Income from Operations 35,700 Interest Expense 3,100 Income before Income Tax 32,600 Income Tax Expense 9,780 Net Income $ 22,820 Previous % $ 78,000 46,500 31,500 4,700 26,800 3,900 22.900 6,870 % $ 16,030 5 %