Vertical Analysis for Income Statement comparative income statement: Instructions: 1. Prepare a comparative income statement for the two-year period, presenting a vertical analysis of each item in relationsh 2. Based on the vertical analysis prepared in 1 which of the following statements is correct? a. Costs other than selling expenses (cost of goods sold and administrative expenses) improved as a percentage of sales. b. Net income as a percentage of sales increased. c. The sales promotion campaign appears to have been successful. d. Selling expenses as a percent of sales increased slightly