Exercise 9-2 Vertical analysis LO 9-1 Sharma 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).) SHARMA COMPANY Vertical Analysis of Income Statements Percentage of Sales Percentage of Sales 2019 2018 Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes S 1,000,000 590,000 410,000 120,000 290,000 60,000 S 230,000 % |$ 800,000 50,000 350,000 100,000 250,000 50,000 % |$ 200,000 Net income