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? Income Reason for Statement Decline in Net Income Express the following comparative income statements in common-size percents (Round your percentage answers to i decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ % Sales $ 700,000 $635,000 Cost of goods sold 568 100 295,400 Gross profit 191.900 339,600 Operating expenses 128 000 234,800 Net income 5 63.900 $ 104 800 Reason for Decline in Net Income 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? Income Statement Reason for Decline in Net Income Using the common-size percentages, which item is most responsible for the decline in net income? Income Statement Ron for Ductine in Not Income>