Vernon Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percent of sales. (Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) Pe Percentage of Sales 100.0 % 55.6 Sales Cost of goods sold Gross margin on sales Operating expenses VERNON COMPANY Vertical Analysis of Income Statements 2019 Percentage of 2018 Sales $ 1,004,000 100.0 % $ 1,082,500 552,200 55.00 601,000 451,800 481,500 130,200 150,200 321,600 331,300 79,000 83,800 $ 242,600 % $ 247,500 000 Income before taxes Income taxes Net income 111111111