Exercise 17-4 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? Reason for Income Decline in Net Statement 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 $ % $ % ces Sales Cost of goods sold Gross profit Operating expenses Net income $ 800,000 568,100 231,900 129,200 $ 102,700 $ 665,000 286,600 378,400 263,600 $ 114,800 Reason for Decline in Net Income > income Same Exercise 17-4 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? Reason for Decline in Net Income Income Statement pok int Using the common-size percentages, which item is most responsible for the decline in net income?