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 Statement Reason for 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 $ % $ % Sales $750,000 100.0 S 655,000 297,600 570,800 179,200 Cost of goods sold Gross profit Operating expenses Net income 129,200 $ 50,000 357,400 17.3 270,800 S 86,600