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 S % $ % Sales $ 770,000 $ 675,000 Cost of goods sold 562,700 299,800 Gross profit 207,300 375,200 Operating expenses 129.200 222.800 Net income $ 78,100 S 152,400 (Income Statement Reason for Decline in Net Income > 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 Using the common-size percentages, which item is most responsible for the decline in net income?