M13-2 Calculations for Vertical Analyses [LO 13-3] Using the following income statements, perform the calculations needed for vertical analyses. (Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Current Previous Net Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income $ 130,000 70,000 60,000 10,800 49,200 3,600 45,600 13,680 $ 31,920 %| $ 93,000 54,000 39,000 5,700 33,300 4,650 28,650 8,595 %| $ 20,055