Walton Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percentage of sales. (Percentages may not add exactly due to rounding. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4).) WALTON COMPANY Vertical Analysis of Income Statements Year 4 Percentage of Sales Year 3 Percentage of Sales Sales Cost of goods sold Gross margin on sales $ 1,002,500 % $ 1,080,500 551.375 600.800 451,125 479,700 Operating expenses 130,300 150,400 Income before taxes i 320,825 329,300 Income taxes 80,200 82,400 Net income S 240,625 % $ 246.900