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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

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 $190,000 % $129,000 %
Cost of Goods Sold 94,000 72,000
Gross Profit 96,000 57,000
Selling, General, and Administrative Expenses 14,400 8,100
Income from Operations 81,600 48,900
Interest Expense 4,800 6,450
Income before Income Tax 76,800 42,450
Income Tax Expense 23,040 12,735
Net Income $53,760 % $29,715 %

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