Questlon 2 (of 4) 2. value: 1.00 points Using the following income statements, perform the calculations needed for vertical analyses. (Round your percentage answers to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Year Ended December 31 Current Previous Net Sales 100.0% 100.0 % 185,000 $126,000 Cost of Goods Sold Gross Profit 92,000 70,500 93,000 55,500 Selling, General, and Administrative Expenses 14,100 7,900 Income from Operations Interest Expense 78,900 47,600 4,700 6,300 41.300 Income before Income Tax 74,200 Income Tax Expense 22,260 12,390 51,940 28,910 Net Income eBook & Resources References Learning Objective: 13-03 Use vertical (common size) analyses to understand im relationships within financial statements. Difficulty: 2 Medium Worksheet