Exercise 13-2A Vertical analysis LO 13-1 Stuart Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percent of sales. (Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) STUART COMPANY Vertical Analysis of Income Statements Percentage of Sales Percentage of Sales 2019 2018 % Sales 997.000 1,083,000 % Cost of goods sold 548,350 601,200 Gross margin on sales 448,650 481.800 Operating expenses 130,200 149,800 Income before taxes 318,450 332,000 Income taxes 80,800 83,600 $ 237,650 % Net income 248,400