Excel SIM: Perform Vertical Analysis 1. Use vertical analysis to compare profitability. madam-kw Nets es a 0,000 10 Cost of goods sold 2,720,000 11 Gross prot mm : um 12 Operating expenses 875,000 13 Operating income mm ' I'M 14 Other income 10,000 15 mumm 16 m 17 ww 18 19 Required: 20 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns 21 for both product lines above. Express each amount as a percentage of net sales. 22 Note: You should use absolute references in the divisors of all formulas. 23 2. Use the Excel IF function and the completed vertical analysis above to answer each of the 24 questions below: 25 26 Which product line has the highest gross prot %? 27 Which product line has the highest net income %? 28 29