Exercise 13-4 Computing and interpreting common- size percents LO P2 Express the following comparative income statements in common- size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Decline in Net Statement Income Express the following comparative income statements in common-size pi decimal place.) 5 GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ % $ % Sales $ 740,000 $ 675,000 Cost of goods sold 562,700 291,000 Gross profit 177,300 384,000 Operating expenses 130,400 220,400 Net income $ 46,900 $ 163,600