Vertical Analysis. The Lyons Corporation reported the following income statement data: 20X2      20X1 Net sales                             $400,000 $250,000 Cost of goods sold           $280,000...

Vertical Analysis. The Lyons Corporation reported the following income statement data:

20X2      20X1

Net sales                             $400,000 $250,000

Cost of goods sold           $280,000 $160,000

Operating expenses       $75,000 $56,000

(a) Prepare a comparative income statement for 20X2 and 20X1 using vertical analysis, and (b) evaluate the results.