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 Percentage of Sales 100.0 % Sales Cost of goods sold Gross margin on sales Vertical Analysis of Income Statements Percentage of Year 4 Year 3 Sales $ 1,000,000 100.0 % $ 1,080,000 550,000 55.0 600,400 450,000 45.0 479,600 130,900 13.1 150,000 319,100 31.9 329,600 79,000 7.9 81,400 $ 240,100 24.01% $ 248,200 Operating expenses Income before taxes Income taxes Net income %