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 $215,000 % $144,000 % Cost of Goods Sold 104,000 79,500 Gross Profit 111,000 64,500 Selling, General, and Administrative Expenses 15,900 9,100 Income from Operations 95,100 55,400 Interest Expense 5,300 7,200 Income before Income Tax 89,800 48,200 Income Tax Expense 26,940 14,460 Net Income $62,860 % $33,740 %