2.5 1 Exercise 12-2A Prepare vertical analysis (LO12-1) points eBook The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a vertical analysis of the data for 2022 and 2021. (Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Hint 2022 2021 Amount % Amount % Net sales $ 18,900,000 100.0 $ 15,600,000 100.0 Ask Cost of goods sold 13,154,400 69.6 7,066,800 Gross profit 5,745,600 8,533,200 Operating expenses 1,625,400 1,216,800 References Depreciation expense 1,020,600 1,029,600 Inventory write-down 226,800 0 Loss (litigation) 1,530,900 312,000 Income before tax 1,341,900 5,974,800 Income tax expense 472,500 2,028,000 Net income $ 869,400 $ 3,946,800