PAGE LAYOUT FORMULAS MUME INSERT Calibri 11 A DATA REVIEW VIEW % Paste Clipboard BIU- Font A Alignment Number Conditional Format as Cell Formatting Table Styles r X 7 B Styles Cells Editing Lake Athletics sells two distinct product lines: Apparel and Equipment. C 1 Lake Athletics sells two distinct product lines: Apparel and Equipment. 2 The income statement for each product line appears below. 3 4 5 6 7 8 9 Net sales 10 Cost of goods sold 11 Gross profit 12 Operating expenses LAKE ATHLENCS Income Statement For the Year Ended December 31, 20X1 Apparel Amount $3,150,000 1,400,000 1,750,000 800,000 13 Operating income 950,000 14 Other income 20,000 15 Income before tax 970,000 16 Income tax expense 241.250 17 Net income $728,750 Percent D E Equipment Amount $5.550,000 Percent 2,720,000 2,830,000 875.000 1,955,000 10,000 1965,000 491,000 ST474,750 18 19 Required: 20 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns 21 for both product lines above. Express each amount as a percentage of net sales. 22 Note: You should use absolute references in the divisors of all formulas. Sign In