X Your answer is incorrect. The income statements of Pharoah Corporation show the following amounts: 2020 2019 2018 Net sales $850 $820 $770 Cost of goods sold 610 578 510 Gross profit 240 242 260 Selling, general, and administrative expenses 220 170 125 Profit before tax 20 72 135 Using vertical (common-size) analysis, analyze Pharoah Corporation's declining profit before tax. (Round answers to 0 decimal places, e.g. 52%.) 2020 2019 2018 Net sales 850 % 820 % 770 % Cost of goods sold 610 % 578 % 510 % Gross profit 240 % DOBRE 242 % 260 % Selling, general, and administrative expenses 220 % 170 % 125 % Profit before tax 20 % 72 % 135 %