Using the following income statements, perform the calculations needed for vertical analyses. (Round percentage values to 1 decimal place.)

Using the following income statements, perform the calculations needed for vertical analyses. (Round percentage values to 1 decimal place.) Net Sales Cost of Goods Sold Gross Profit LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Current $ 100,000 Selling, General, and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income 58,000 42,000 9,000 33,000 3,000 30,000 9,000 21 ,ooo Previous 75,000 45,000 30,000 4,500 25,500 3,750 21 ,750 6,525 15,225