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 percent of sales. (Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) WALTON COMPANY Vertical Analysis of Income Statements Year 4 Percentage of Year 3 Sales Percentage of Sales Sales Cost of goods sold $ 997,000 % $ 1,081,500 548,350 599,200 Gross margin on sales 448,650 482,300 Operating expenses 129,100 148,600 Income before taxes 319,550 333,700 Income taxes 79,100 81,200 Net income $ 240,450 % $ 252,500 < Prev 2 of 7 Next >