Exercise 13-4 Operating data for Gladow Corporation are presented below. 2012 2011 Sales $830,700 $631,900 Cost of goods sold 521,500 410,300 Selling expenses 121,700 78,400 Administrative expenses 73,500 52,400 Income tax expense 33,200 26,500 Net income 80,800 64,300 Prepare a schedule showing a vertical analysis for 2012 and 2011. (Round percentages to 1 decimal place, e.g. 12.1%.) GLADOW CORPORATION Condensed Income Statement For the Years Ended December 31 2012 2011 Amount Percent Amount Percent Sales $830,700 % $631,900 % Cost of goods sold 521,500 % 410,300 % Gross profit 309,200 % 221,600 % Selling expenses 121,700 % 78,400 % Administrative expenses 73,500 % 52,400 % Total operating expenses 195,200 % 130,800 % Income before income taxes 114,000 % 90,800 % Income tax expense 33,200 % 26,500 % Net income $ 80,800 % $ 64,300