The income statements for Federer Sports Apparel for 2025 and 2024 are presented below. Required: Prepare...

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The income statements for Federer Sports Apparel for 2025 and 2024 are presented below. Required: Prepare a vertical analysis of the data for 2025 and 2024. (Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31, 2025 2024 Amount % Amount % Net sales Cost of goods sold $ 18,400,000 $ 15,100,000 Gross profit 13,358,400 5,041,600 6,764,800 8,335,200 Operating expenses 1,490,400 1,102,300 Depreciation expense 901,600 921,100 3 Inventory write-down 128,800 0 Loss (litigation) 1,398,400 347,300 Income before tax 1,122,400 5,964,500 Income tax expense Net income 368,000 1,887,500 $ 754,400 $ 4,077,000 The income statements for Federer Sports Apparel for 2025 and 2024 are presented below. Required: Prepare a vertical analysis of the data for 2025 and 2024. (Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31, 2025 2024 Amount % Amount % Net sales Cost of goods sold $ 18,400,000 $ 15,100,000 Gross profit 13,358,400 5,041,600 6,764,800 8,335,200 Operating expenses 1,490,400 1,102,300 Depreciation expense 901,600 921,100 3 Inventory write-down 128,800 0 Loss (litigation) 1,398,400 347,300 Income before tax 1,122,400 5,964,500 Income tax expense Net income 368,000 1,887,500 $ 754,400 $ 4,077,000