1 02:24:49 Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Change in Current Previous Dollars Percentage etlook Net Sales $111,000 $ 80,500 Pr Cost of Goods Sold 63,500 47,750 Gross Profit 47,500 32.750 Selling, General, and Administrative Expenses 6.800 3,400 Income from Operations 40,700 29.350 Interest Expense 3,550 4,850 Income before Income Tax: 37,150 24.500 Income Tax Expense 11,145 7,350 Net Income $ 26,005 $ 17.150 %