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).) Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes Net income WALTON COMPANY Vertical Analysis of Income Statements Year 4 Percentage of Sales Year 3 Percentage of Sales $ 1,000,000 % $ 1,084,500 % 550,000 601,800 450,000 482,700 129,100 148,400 320,900 334,300 79,400 82,200 $ 241,500 % $ 252,100 %