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 $402,000 $350,000 Cost of goods sold 213,060 168,000 Selling expenses 76,380 73,500 Administrative expenses Income tax expense 80,400 12,060 66,500. 17,500 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 $402,000 % $350,000 Cost of goods sold 213,060 % 168,000 Gross profit $185,940 % Selling expenses 76,380 % 73,500 % Administrative expenses 80,400 66,500 Total operating expenses 156,786 Income from operations Income tax expense 12,0607 17,500 b. The vertical analysis indicates that the cost of goods sold as a percent of sales administrative expenses by 5 percentage points, while selling expenses by 2 percentage points. by 1 percentage points. Thus, net income as a percent of sales i by 2 percentage points, and