Vertical Analysis Income statement information for Ivanoff Corporation follows: Sales $192,000 71,040 120,960 Cost of goods sold Gross profit Prepare a vertical analysis of the income statement for Ivanoff Corporation. If required, round percentage answers to the nearest whole number. Ivanoff Corporation Vertical Analysis of the Income Statement Amount Percentage Sales $192,000 % Cost of goods sold 71,040 % Gross profit $120,960 %