Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $532,000 $44,000 Cost of goods sold 306,560 256,520 Selling expenses 90,440 91,960 Administrative expenses 95,760 82,280 Income tax expense 15.960 19,360 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent Sales $532,000 $484,000 Cost of goods sold 308,560 256,520 % Selling expenses 90,440 Administrative expenses 95,760 91,960 82,280 % Income tax expense 15,960 19,360 % % Check My Work 2 more Check My Work uses remaining Next > 96 Income tax expense 15,960 19,360 hn 96 % b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 2 percentage points, and administrative expenses by 3 percentage points by 5 percentage points, while selling expenses by 1 percentage points. Thus, net income as a percent of sales