Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Previous Year Current Year Sales $477,000 $420,000 Cost goods sold 271,890 214,200 Selling expenses 1.090 84,000 Administrative expenses 90.630 71,400 Income tax expense 14 310 21.000 a. Prepare an income statement comparative form, stating each item for both vears as a percent f sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Innovation Quarter Inc. For the Years Ended December 31 Previous vear Amount Previous year Percent Current year Amount Current year Percent $420,000 Salos $477,000 271.890 214,200 Cost of coods sold Selling expenses 81,090 84.000 90,630 71,400 Administrative expenses 14,310 21,000 Income tax expense by 3 percentage points, and administrative expenses b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 6 percentage points, while selling expenses by 3 percentage points by 2 percentage points. Thus, net income as a percent of sales