SHERIDAN CORPORATION Condensed Income Statements Increase or (Decrease) During 2022 Amount Percentage 2022 2021 Net sales $729,000 $600,000 $ 96 Cost of goods sold 568,620 495,520 96 Gross profit 160,380 112,480 96 Operating expenses 100,602 56,544 96 Net income $59,778 $55.936 $ 96 (b) Prepare a vertical analysis of the income statement data for Sheridan Corporation for both years. (Round percentages to 1 decimal place, es. 12.3%) SHERIDAN CORPORATION Condensed Income Statements 2021 2022 Percent Amount Amount Percent Net sales $729.000 96 $608.000 96 Cost of goods sold 568,620 96 495,520 % 90 Gross profit 160,380 % 112.480 16 100,602 Operating expenses % 56,544 90 Net income $ 59.778 % $ 55,936 96