Income Statement Information for Lucy Company Is Provided Below $$\begin{array} { l r } \text { Sales } & \$ 175,000 \\\text { Cost of goods sold } & 105,000 \\\text { Gross profit } & \$ 70,000\end{array}$$

Essay

Income statement information for Lucy Company is provided below.​ $$\begin{array} { l r } \text { Sales } & \$ 175,000 \\\text { Cost of goods sold } & 105,000 \\\text { Gross profit } & \$ 70,000\end{array}$$ Prepare a vertical analysis of the income statement for Lucy Company.