Vertical Analysis of Income Statement Revenue and expense data for Rogan Technologies Co. are as follows: 20Y8 2017 $482,000 $429,000 Sales Cost of goods sold 255,460 197,340 Selling expenses 94,380 Administrative expenses 91,580 96,400 14,460 81,510 21,450 Income tax expense Hide a. Prepare an income statement in comparative form, stating each item for both 2048 and 2047 as a percent of sales. If required, round all amounts as positive numbers. Rogan Technologies Co. Comparative Income Statement For the Years Ended December 31, 2048 and 2017 2048 Amount 20Y8 Percent 2017 Amount 2017 Percent Sales 482000 $ 429,000 197,340 Gross profit $ $ 94,380 96,400 81,510 Income from operations 21,450 Net income b. Which of the following are true regarding the vertical analysis for Rogan? Select Cost of goods sold as a percent of sales increased. Selling expenses increased. Net income increased. Income tax expense increased