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 Cost of goods sold Selling expenses Administrative expenses Income tax expense Sales Cost of goods sold $560,000 358,400 78,400 89,600 11,200 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. Selling expenses $476,000 280,840 76,160 71,400 19,040 78,400 Administrative expenses 89,600 Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent $560,000 % 358,400 % % % % % 0% Previous year Amount Previous year Percent $476,000 % 280,840 76,160 71,400 % % % % % %

Wertical Whalys of Intorne statertient Revmuet and expense data for Innovition Quarter lnc. for two recent years are as folloms: positive cumbers. Innovation Quarter Inc. Comparative fecome Statement for the Years finbed December 31