Operating data for Navarro Corporation are presented below.
| 2015 |
2014 |
| Net sales |
$747,970 |
$601,350 |
| Cost of goods sold |
460,140 |
393,260 |
| Selling expenses |
121,740 |
68,350 |
| Administrative expenses |
63,150 |
53,670 |
| Income tax expense |
32,090 |
21,380 |
| Net income |
70,850 |
64,690 |
Prepare a schedule showing a vertical analysis for 2015 and 2014. (Round answers to 1 decimal place, e.g. 48.5%.)
NAVARRO CORPORATION
Condensed Income Statements
For the Years Ended December 31 |
| 2015 |
2014 |
| Amount |
Percent |
Amount |
Percent |
| Net sales |
$747,970 |
100 % |
$601,350 |
100 % |
| Cost of goods sold |
460,140 |
61.5 % |
393,260 |
65.4 % |
| Gross profit |
287,830 |
43 % |
208,090 |
12 % |
| Selling expenses |
121,740 |
16.3 % |
68,350 |
11.4 % |
| Administrative expenses |
63,150 |
8.4 % |
53,670 |
8.9 % |
| Total operating expenses |
184,890 |
67 % |
122,020 |
90 % |
| Income before income taxes |
102,940 |
88 % |
86,070 |
34 % |
| Income taxes expense |
32,090 |
4.3 % |
21,380 |
3.6 % |
| Net income |
$70,850 |
9.5 % |
$64,690 |
10.8 % |