Revenue and expense data for Young Technologies Inc. are as follows: Year 2 Year 1 Sales...

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Revenue and expense data for Young Technologies Inc. are as follows: Year 2 Year 1 Sales $500,000 $440,000 Cost of goods sold 325,000 242,000 Selling expenses 70,000 79,200 Administrative expenses 75,000 70,400 Income tax expense 10,500 16,400 Required: a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round percentage amounts to nearest whole percent. Young Technologies Inc. Comparative Income Statement For the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent % % % Year 1 Amount Year 1 Percent % % % % % Total expenses % % % % b. Complete the following regarding the significant changes disclosed by the comparative income statement. The vertical analysis indicates that the cost of goods sold as a percent of sales Selling and administrative expenses as a percentage of sales between the two years. and income tax expense Overall, net income as a percent of sales Revenue and expense data for Young Technologies Inc. are as follows: Year 2 Year 1 Sales $500,000 $440,000 Cost of goods sold 325,000 242,000 Selling expenses 70,000 79,200 Administrative expenses 75,000 70,400 Income tax expense 10,500 16,400 Required: a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round percentage amounts to nearest whole percent. Young Technologies Inc. Comparative Income Statement For the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent % % % Year 1 Amount Year 1 Percent % % % % % Total expenses % % % % b. Complete the following regarding the significant changes disclosed by the comparative income statement. The vertical analysis indicates that the cost of goods sold as a percent of sales Selling and administrative expenses as a percentage of sales between the two years. and income tax expense Overall, net income as a percent of sales