Question 2 of 4 < > Spring at presented 2022 2021 Net sales $755,000 $600,000 Cost of goods sold 463,570 391,800 Selling expenses 123,820 76,800 Administrative expenses 58,890 55,800 Income tax expense 32,616 27,000 Net income 76,104 48,600 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%.) Net sales PHAROAH CORPORATION Condensed Income Statements -/7 E 2021 Amount Percent % 2022 Amount Percent $755,000 % $600,000 % 391,800 % 96 291,430 % 208,200 % Cost of goods sold 463,570 Gross profit Selling expenses % % 123,820 76,800 % % 55,800 Administrative expenses 58,890 Total operating expenses % 182,710 % 132,600 % 75,600 Income before income taxes 108,720 Income taxes expense Net income eTextbook and Media 32,616 % 27,000 % 90 % 96 % % $76,104 $48,600