Vertical Analysis of Income Statement Revenue and expense data for Rogan Technologies Co. are as follows: 2018 2017 Sales Cost of goods sold $523,000 345,180 73,220 73,220 10,460 $460,000 271,400 73,600 69,000 Selling expenses Administrative expenses Income tax expense 18,400 a. Prepare an income statement in comparative form, stating each item for both 2048 and 2017 as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Rogan Technologies Co. Comparative Income Statement For the Years Ended December 31, 2048 and 2017 2048 Amount 2048 Percent 2017 Amount 2017 Percent $ 460,000 # 271,400 Gross profit * $ 73,600 73,220 69,000 Income from operations 18,400 Net income b. Which of the following are true regarding the vertical analysis for Rogan? Select