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 Net Sales $ 100,000 Cost of Goods Sold 58,000 Gross Profit 42,000 Selling, General, and Administrative Expenses 9,000 Income from Operations 33,000 Interest Expense 3,000 Income before Income Tax 30,000 Income Tax Expense 9,000 Net Income $ 21,000 Previous 75,000 45,000 30,000 4,500 25,500 3,750 21,750 6,525 15,225 % $