Operating data for Navarro Corporation are presented below. 2017 2016 Net sales $752,500 $604,500 Cost of goods sold 470,000 392,000 Selling expenses 115,500 71,500 Administrative expenses 63,500 57,500 Income tax expense 29,000 24,000 Net income 74,500 59,500 Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round percentages to 1 decimal place, e.g. 12.3%.) NAVARRO CORPORATION Condensed Income Statements 2017 2016 Amount Percent Amount Percent Net sales $752,500 % $604,500 % Cost of goods sold 470,000 % 392,000 % Gross profit 282,500 % 212,500 % Selling expenses 115,500 % 71,500 % Administrative expenses 63,500 % 57,500 % Total operating expenses 179,000 % 129,000 % Income before income taxes 103,500 % 83,500 % Income tax expense 29,000 % 24,000 % Net income $74,500 % $59,500 %