Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Yea Sales $613,000 $521,000 Cost of goods sold 349,410 270,920 98,990 Selling expenses 104,210 Administrative expenses 116,470 18,390 26,050 Income tax expense 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 $613,000 c }% $521,000 Sales 349,410 Cost of goods sold Next Previous Check My Work 5 more Check My Work uses remaining Print Item Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent Sales $613,000 521,000 349,410 Cost of goods sold 270,920 Selling expenses 104,210 98,990 Administrative expenses 116,470 88,570 18,390 26,050 Income tax expense by 5 percentage points, while selling expenses by 2 percentage points. Thus, net income as a percent of b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 2 percentage points, and administrative expenses by 3 percentage points sales Next Previous Check My Work 5 more Check My Work uses remaining 11:38 AM rch 5/28/2019