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 $561,000 $499,000 347,820 Cost of goods sold Selling expenses Administrative expenses 84,150 274,450 89,820 79,840 19,960 95,370 Income tax expense 11,220 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 $561,000 % $499,000 % Cost of goods sold 347,820 % 274,450 % Gross profit % Selling expenses 84,150 9% 89,820 % Administrative expenses 95,370 % 79,840 % Total operating expenses $ % $ % Income from operations % Income tax expense 11,220 19,960 % Net income % % Feedback Check My Work b. The vertical analysis indicates that the cost of goods sold as a percent of sales increased by 7 percentage points, while selling expenses decreased by 3 percentage points, and administrative