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 percents. (Round your percentag decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ % $ % Sales $ 790,000 Cost of goods sold Gross profit Operating expenses 568,100 221,900 128,000 93,900 $ 680,000 291,000 389,000 275,600 $ 113,400 Net income $