Use the following income statement from Color Copy to perform a vertical analysis with sales as the base:

Color Copy, Inc.

Income Statement

For the Year Ended September 30, 2011

Sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,228

Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,751

Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,477

Operating expenses:

Depreciation— buildings and equipment . . . . . . . .....$100

Other selling and administrative . . . . . . . . . . . . . . . . . . . . . . . . 2,500

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,600

Income before interest and taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,877

Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350

Income before taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,527

Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,377