Exercise 9-2 Vertical analysis LO 9-1 Baird Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percent of sales. (Percentages may not add exactly due to rounding. Round your answers to 1 decimal place.(i.e., 234 should be entered as 23.4).) Percentage of Sales Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes BAIRD COMPANY Vertical Analysis of Income Statements 2019 Percentage of 2018 Sales 996,000 1,083,500 547,8007 598,000 448.2007 485,500 130,500 148.000 317.700 337,500 80,300 81.800 $ 237,400 255,700 Income taxes Net Income