Exercise $13-4($Algo$)$ Computing and interpreting common$-$size percents LO P$2$

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.

$\backslash$table$[[$Income$,],[$Statement$,\backslash$table$[[$Reason for$],[$Decline in Net$],[$Income$]]]]$

Express the following comparative income statements in common$-$size percents.

Note: Round your percentage answers to $1$ decimal place.

$\backslash$table$[[$GOMEZ CORPORATION$],[$Comparative Income Statements$],[$For Years Ended December $31],[,Cu,$Year $$,$Current Year $\%,,$Year $$,$Prior Year $\%],[$Sales$,$$$,795,000,,$$$,640,000,],[$Cost of goods sold,,$565,400,,,291,000,],[$Gross profit,,$229,600,,,349,000,],[$Operating expenses,,$129,200,,,231,200,],[$Net income,$$,100,400,,$$$,117,800,]]$