Exercise 14-2 Operating data for Navarro Corporation are presented below 2017 2016 753,500 468,500 125,000 63,000 35,500 61,500 595,000 391,500 68,000 56,000 28,000 51,500 Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round answers to 1 decimal place, e.g. 48.5%. NAVARRO CORPORATION Condensed Income Statements For the Years Ended December 31 2017 2016 Amount 753,500 468,500 Percent Amount %$595,000 391,500 203,500 68,000 56,000 124,000 79,500 Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses 285,000 125,000 63,000 188,000 Income before income taxes 97,000 Prepare a schedule showing a vertical analysis for 2017 and 2016" (Round answers to 1 decimal place, e.g. 48.596.) NAVARRO CORPORATION Condensed Income Statements For the Years Ended December 31 2017 2016 Percent 595,000 391,500 203,500 68,000 Net sales $753,500 468,500 Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses 285,000 125,000 63,000 188,000 97,000 35,500 56,000 % 124,000 79,500 28,000 Income before income taxes Income taxes expense 61,500 Net income % $51,500 Click if you would like to Show Work for this question: Open Show Work