Vertical Analysis complete the question below and write a brief analysis and contrast, where appropriate, with the horizontal analysis. 2020 2019 $ % $ % Sales 2,100,000 100.00% 1,895,000 100.00% Cost of sales 1,575,000 75.00% 1,445,000 76.25% Gross profit 525,000 25.00% 450,000 23.75% Selling expenses 210,000 10.00% 175,000 9.23% Administrative expenses 100,000 4.76% 65,000 3.43% Total operating expenses 310,000 14.76% 240,000 12.66% Profit before income tax 215,000 10.24% 210,000 11.08% Income tax expense 64,500 3.07% 60,000 3.17% Profit 150,500 7.17% 150,000 7.92%