WITH EXCEL FORMULA PLEASE

1 Lake Athletics sells two distinct product lines: Apparel and Equipment 2 The income statement for each product line appears below LAKE ATHLETICS Income Statement For the Year Ended December 31,20X1 4 Apparel quipment Amount Percent Amount Percent 9 Net sales 0 Cost of goods sold $3,150,000 1,400,000 1,750,000 800,000 950,000 20,000 970,000 241,250 S728,750 $5,550,000 2,720,000 2,830,000 875,000 1,955,000 10,000 1,965,000 491,000 $1,474,750 Gross profit 12 13 14 Other income 15 Income before tax 16 Income tax expense 17 Net income 18 19 Required: 201. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns 21for both product lines above. Express each amount as a percentage of net sales 22 Note: You should use absolute references in the divisors of all formulas 23 2. Use the Excel IF function and the completed vertical analysis above to answer each of the 24 questions below: erating expenses erating income