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 $105,000 60,000 45,000 9,300 35,700 3,100 32,600 9,780 $ 22,820 %|$ 78,000 46,500 31,500 4,700 26,800 3,900 22,900 6,870 16,030