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. Reason for Income Statement Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) Prior Year % Sales GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Current Year % Prior Year $ $ 780,000 $ 690.000 568,100 295,400 211,900 394,600 130,400 248,000 $ 81,500 $ 146,600 Cost of goods sold Gross profit Operating expenses Net income 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 Using the common-size percents, which item is most responsible for the decline in net income? Using the common-size percents, which item is most responsible for the decline in net income?