ded Homework Saved Exercise 13-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Decline in Net Statement Income Express the following comparative Income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ Sales $ 790,000 $ 670,000 Cost of goods sold 562,700 299,800 Gross profit 227,300 370,200 Operating expenses 129,200 221,600 Net income $ 98,100 $ 148,600 Reason for Decline in Net Income Income Statement