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 $ % $ % $ 760,000 $635,000 282,200 568,100 Sales Cost of goods sold Gross profit Operating expenses Net income 191,900 352,800 128,000 228,800 $ 63,900 $ 124,000 Income Statement Reason for Decline in Net Income >