Vertical Analysis Income statement information for Ivanoff Corporation follows: Sales Cost of goods sold Gross profit $346,000 103,800 242,200 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 $346,000 96 Cost of goods sold 103,800 96 Gross profit $242,200 %