Prepare a vertical analysis by using net sales as the base. Round each answer to the nearest whole percentage

London Company provided the following income statements for its first three years of operation: Net sales Less: cost of goods sold Gross margin Less: Operating expenses Income taxes Net income Year 1 $975,000 (676,000) $299,000 (185,000) (45,600) $ 68,400 year 2 $1,150,000 (910,000) $ 240,000 (215,000) (10,000) $ 15,000 Year 3 $1,280,000 (945,000) $ 335,000 (235,000) (40,000) $ 60,000 Prepare a vertical analysis by using net sales as the base. Round each answer to the nearest whole percentage. Year 1 Percentage 0/0 Year 2 Percentage Year 3 Percentage Net sales Less: cost of goods sold Gross margin Less: Operating expenses Less: Income taxes Net income