Exercise 14-2 Operating data for Navarro Corporation are presented below. Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2017 $747,500 469,000 120,500 64,000 29,000 65,000 2016 $604,500 392,000 71,000 50,000 20,500 71,000 Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round percentages to 1 decimal place, e.g. 12.3%.) NAVARRO CORPORATION Condensed Income Statements 2017 Percent 2016 Percent Amount Amount $604,500 Net sales $747,500 Cost of goods sold 469,000 392,000 Gross profit 278,500 212,500 Selling expenses 120,500 71,000 Administrative expenses 64,000 50,000 Total operating expenses 184,500 121,000 Income before income taxes 94,000 91,500 Income tax expense 29,000 20,500 Net income $65,000 $71,000