Sanchez Company reported the following operating results for two consecutive yea

Sanchez Company reported the following operating results for two consecutive years.Vertical Analysis Sanchez Company reported the following operating results for two consecutive years.2004 Amount % of SalesSales $500000Cost of Goods Sold $320000Gross Margin $180000Operating Expenses $100000Income before Taxes $80000Income taxes $24000Net Income $560002005 Amount % of SalesSales $480000Cost of Goods Sold $307000Gross Margin $173000Operating Expenses $120000Income before Taxes $53000Income Taxes $16000Net Income $37000Express each income statement component for each of the 2 years as a % of sales.