Vertical Analysis of Income Statement Revenue and expense data for Tribal Technologies Co. are as follows: 20Y8 2047 Sales $611,000 $550,000 323,830 264,000 116,090 115,500 Cost of goods sold Selling expenses Administrative expenses Income tax expense 122,200 132,000 24,440 16,500 a. Prepare an income statement in comparative form, stating each item for both 2048 and 2017 as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as a positive number. Tribal Technologies Co. Comparative Income Statement For the Years Ended December 31, 2048 and 2017 20Y8 Amount 20Y8 Percent 2017 Amount 2017 Percent % % % % Gross profit % % % % % % Total operating expenses % % % % % % Net income % % b. Which of the following are true regarding the vertical analysis for Tribal