Chapter 13 Homework i Saved 2.77 points Using the following income statements, perform the calculations needed for vertical analyses. (Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 2 Current Previous eBook Net Sales $ 120,000 % $ 87,000 Cost of Goods Sold 66,000 % 51,000 Gross Profit 54,000 % 36,000 Print Selling, General, and Administrative Expenses 10,200 % 5,300 Income from Operations 43,800 % 30,700 Interest Expense 3,400 % 4,350 References Income before Income Tax 40,400 % 26,350 Income Tax Expense 12,120 % 7,905 Net Income $ 28,280 % $ 18,445 % % % % % % % % % di di di do do do do do do