Perform vertical analysis for edwards company

Question

Task: The following income statement was prepared by Edwards Company for 2007:

Sales                                             $100,000
Cost of goods sold                            $58,500
Gross margin                                   $41,500
Selling and administrative expense    $25,000
Interest expense                                $3,000
Total operating expenses                   $28,000
Income before taxes                         $13,500
Income tax expense                           $4,050
Net income                                        $9,450

Perform vertical analysis for Edwards Company's 2007 income statement.