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? Income Reason for Statement Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ % % $ 740,000 $ 675,000 565,400 297,600 174,600 377 400 129,200 243,200 Sales Cost of goods sold Gross profit Operating expenses GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ % $ % $ 740,000 $ 675,000 565,400 297,600 174,600 377,400 129,200 243,200 $ 45,400 $ 134 200 Sales Cost of goods sold Gross profit Operating expenses Net income Reason