Exercise 13-4 (Algo) Computing and interpreting common-size percents LO P2 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. Income Statement 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. GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Current Year % Sales $ 780,000 630,000 Prior Year $ Prior Year % $ Cost of goods sold 562,700 299,800 Gross profit 217,300 330,200 Operating expenses 130,400 218,000 Net income $ 86,900 $ 112,200