Your answer is partially correct. Operating data for Sheridan Corporation are presented as follows. 2025 2024 Net sales $842,800 $645,500 Cost of goods sold 529,300 411,200 Selling expenses 124,400 79.500 Administrative expenses 79.500 50.100 Income tax expense 36,000 27,500 Net income 73,600 77,200 Prepare a schedule showing a vertical analysis for 2025 and 2024, (Round percentages to 1 decimal place, eg. 12.1%) SHERIDAN CORPORATION Condensed Income Statements For the Year Ended December 31 Net Sales Cost of Goods Sold Gross Profit Amount 842800 2025 Percent Amount 100 % 529300 i 62.8 i % 313500 148 % 79500 9.4 % Selling Expenses Administrative Expenses 79500 Total Operating Expenses 4.3 % 159000 8.7 % Net Sales Cost of Goods Sold Gross Profit Amount $ 842800 SHERIDAN CORPORATION Condensed Income Statements For the Year Ended December 31 2025 Percent Amount 100 % $ 529300 i 62.8 i % 313500 14.8 % Selling Expenses 79500 94 % Administrative Expenses 79500 i 4.3 % Total Operating Expenses Income Before Income Taxes Income Tax Expense Net Income/(Loss) 159000 8.7 % ge %