The income statement for Federer Sports Apparel for 2013 and 2012 is presented below.

Required:
Prepare a vertical analysis of the data for 2013 and 2012.

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FEDERER SPORTS APPAREL Income Statement For the years ended December 31 2013 2012 Sales revenue Cost of goods sold $18,800,000 13,200,000 5,600,000 1,600,000 1,000,000 200,000 1,500,000 1,300,000 450,000 $ 850,000 Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) $15,500,000 7,000,000 8,500,000 1,200,000 1,000,000 Income before tax Income tax expense Net income 300,000 6,000,000 2,000,000 $ 4,000,000