Exercise 9-2A (Algo) Vertical analysis LO 9-1 Stuart Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percentage of sales. (Percentages may not add exactly due to rounding. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4).) Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes. Income taxes Net income STUART COMPANY Vertical Analysis of Income Statements Year 4 Percentage of Sales Year 3 Percentage of Sales $ 995,500 % $ 1.082,500 547,525 599.200 447,975 483,300 130,300 151,200 317,675 332, 100 81,000 83.200 S 236,675 96 $ 248.900