Operating data for Oriole Corporation are presented as follows. 2022 2021 Net sales $746,000 $595,000...
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Operating data for Oriole Corporation are presented as follows. 2022 2021 Net sales $746,000 $595,000 Cost of goods sold 466,996 386,750 Selling expenses 117,868 76,160 Administrative expenses 59,680 57,715 Income tax expense 31,332 25,585 Net income 70,124 48,790 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%.) ORIOLE CORPORATION Condensed Income Statements For the Years Ended December 31 2022 2021 conuenscu Come statement For the Years Ended December 31 2022 2021 Amount Percent Amount Percent Net sales $746,000 % $595,000 % Cost of goods sold 466,996 % 386,750 % Gross profit 279,004 % 208,250.0 % Selling expenses 117,868 % 76,160 % Administrative expenses 59,680 % 57,715 % Total operating expenses 177,548 % 133,875 % Income before income taxes 101,456 % 74,375 % Income tax expense 31,332 % 25,585 % Net income $70,124 % $48,790 %
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