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 $406,000 $349,000 Cost of goods sold 215,180 167,520 Selling expenses 77,140 73,290 Administrative expenses 81,200 66,310 Income tax expense 12,180 17,450 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 $406,000 100% $349,000 100 Cost of goods sold 215,180 % 167,520 46 % Selling expenses 77,140 Administrative expenses 81,200 73,290 66,310 Administrative expenses 81,200 66,310 Income tax expense 12,180 17,450 % b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 2 percentage points, and administrative expenses by 2 percentage points by 5 percentage points, while selling expenses by 1 percentage points. Thus, net income as a percent of sales