View Policies Current Attempt in Progress Operating data for Sheridan Corporation are presented as follows. 2022 2021 Net sales $753,000 $597,000 Cost of goods sold 466,107 386,259 Selling expenses 108,432 68,655 Administrative expenses 57,228 51,939 Income tax expense 31,852 26,268 Net income 89,381 63,879 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%.) SHERIDAN CORPORATION Condensed Income Statements 2022 Amount Percent Net sales $753,000 2021 Amount Percent % $597,000 % Cost of goods sold 466,107 % 386,259 % Gross profit 286,893 % 210,741 % Selling expenses % 108,432 68,655 % Administrative expenses 57,228 % 51,939 % Total operating expenses 165,660 % 120,594 % Income before income taxes 121,233 % 90,147 % Income taxes expense 31,852 % 26,268 % Net income $89,381 % $63,879 %