(b) Complete the Vertical Analysis table

Vertical Analysis
Income Statement	2018		2019
Gross Sales*	$950		$1,350
Cost of Goods Sold	$160		$175
Gross Margin	$790		$1,175
Expenses:
Salaries **	$150		$165
Warehousing Costs	$80		$80
Advertising ***	$60		$70
Bad Debt ****	$55		$55
Total expenses	$345		$370
Net Income	$445		$805
* Customer Returns amounted to $350 in each year
** Salaries include Commission and Bonus
*** Advertising includes newspaper, fliers, radio and TV ads
**** Allowances for Bad Debts typically represent 10% of Gross Sales