4 Exercise 17-4 (Algo) Computing and interpreting common-size percents LO P2 1 points Check my wo Express the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible for the decline in net income? Complete this question by entering your answers in the tabs below. eBook Income Statement Reason for Decline in Net Hint Ask Income Express the following comparative income statements in common-size percents. Note: Round your percentage answers to 1 decimal place. GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Print Current Year $ Sales $ 765,000 Current Year % 100.0 $ Prior Year $ Prior Year % 635,000 100.0 References Cost of goods sold 570,800 0.8 286,600 0.5 Gross profit 194,200 0.3 348,400 0.6 Operating expenses 130,400 0.2 221,600 0.4 Net income $ 63,800 0.1 $ 126,800 0.2 < Income Statement Reason for Decline in Net Income >